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7-2-105
Section 7-2-105 Definitions: "Transferability"; "goods"; "future
goods"; "lot"; "commercial unit." (1) "Goods" means all
things (including specially manufactured goods) which are movable at the time of identification
to the contract for sale other than the money in which the price is to be paid, investment
securities (Article 8) and things in action. "Goods" also includes the unborn young
of animals and growing crops and other identified things attached to realty as described in
the section on goods to be severed from realty (Section 7-2-107). (2) Goods
must be both existing and identified before any interest in them can pass. Goods which are
not both existing and identified are "future goods". A purported present sale of
future goods or of any interest therein operates as a contract to sell. (3) There may be a
sale of a part interest in existing identified goods. (4) An undivided share in an identified
bulk of fungible goods is sufficiently identified to be sold although the quantity...
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27-12-14
Section 27-12-14 Inducements as to property, casualty, or surety insurance. (a) No property,
casualty, or surety insurer, or any employee thereof, and no broker, agent, or solicitor shall
pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement
to insurance or after insurance has been effected, any rebate, discount, abatement, credit,
or reduction of the premium named in a policy of insurance, or any special favor or advantage
in the dividends or other benefits to accrue thereon or any valuable consideration or inducement
whatever not specified in the policy except to the extent provided for in rating systems filed
with the commissioner by, or on behalf of, the insurer and approved by the commissioner. (b)
No insured named in a policy nor any employee of such insured shall knowingly receive or accept,
directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium.
(c) Nothing in this section shall be construed as...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific
person, and shall mean a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the person specified. (2)
COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department
as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common
control with and shall mean the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract other than a commercial contract for goods or nonmanagement
services, or otherwise, unless the power is the result of an official...
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27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A
person who directly, or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with another person on December 31 of the year immediately
preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama
Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured
making a first party claim or any person instituting a liability claim. The term does not
include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person, whether...
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40-23-1
Section 40-23-1 Definitions; transactions considered or not considered sales. (a) For
the purpose of this division, the following terms shall have the respective meanings ascribed
by this section: (1) PERSON or COMPANY. Used interchangeably, includes any individual,
firm, copartnership, association, corporation, receiver, trustee, or any other group or combination
acting as a unit and the plural as well as the singular number, unless the intention to give
a more limited meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue
of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama.
(4) TAX YEAR or TAXABLE YEAR. The calendar year. (5) SALE or SALES. Installment and credit
sales and the exchange of properties as well as the sale thereof for money, every closed transaction
constituting a sale. Provided, however, a transaction shall not be closed or a sale completed
until the time and place when and where title is transferred by...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer in ordinary course of business" means a person
who in good faith and without knowledge that the sale to him or her is in violation of the
ownership rights or security interest or leasehold interest of a third party in the goods,
buys in ordinary course from a person in the business of selling goods of that kind but does
not include a pawnbroker. "Buying" may be for cash or by exchange of other property
or on secured or unsecured credit and includes receiving goods or documents of title under
a pre-existing contract for sale but does not include a transfer in bulk or as security for
or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when
either party puts an end to the lease contract for default by the other party. (c) "Commercial
unit" means such a unit of goods as by commercial usage is a single whole for purposes
of lease and...
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7-9A-207
Section 7-9A-207 Rights and duties of secured party having possession or control of
collateral. (a) Duty of care when secured party in possession. Except as otherwise provided
in subsection (d), a secured party shall use reasonable care in the custody and preservation
of collateral in the secured party's possession. In the case of chattel paper or an instrument,
reasonable care includes taking necessary steps to preserve rights against prior parties unless
otherwise agreed. (b) Expenses, risks, duties, and rights when secured party in possession.
Except as otherwise provided in subsection (d), if a secured party has possession of collateral:
(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges,
incurred in the custody, preservation, use, or operation of the collateral are chargeable
to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage
is on the debtor to the extent of a deficiency in any effective insurance...
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5-26-3
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions
shall apply: (1) DEPOSITORY INSTITUTION. The term "depository institution" has the
same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any
credit union. (2) FEDERAL BANKING AGENCIES. The term "federal banking agencies"
means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency,
the Director of the Office of Thrift Supervision, the National Credit Union Administration,
and the Federal Deposit Insurance Corporation. (3) IMMEDIATE FAMILY MEMBER. The term "immediate
family member" means a spouse, child, sibling, parent, grandparent, or grandchild. This
includes stepparents, stepchildren, stepsiblings, and adoptive relationships. (4) INDIVIDUAL.
The term "individual" means a natural person. (5) LOAN PROCESSOR OR UNDERWRITER.
(a) In General. The term "loan processor or underwriter" means an individual who
performs clerical or support duties as an...
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8-22-4
Section 8-22-4 Definitions. The following terms shall have the meanings ascribed to
them in this section unless otherwise stated and unless the context or subject matter
clearly indicates otherwise: (1) PERSON. Any person, firm, association, organization, partnership,
business trust, joint stock company, company, corporation, or legal entity. (2) MOTOR FUEL.
Those products upon which the state excise tax levied, or defined, in Sections 40-17-1 through
40-17-52 and 40-17-170, as amended, is imposed. (3) WHOLESALER. Includes any person qualified
as a wholesaler of motor fuel with the state Revenue Commissioner, and shall also mean and
include any person, other than a buying pool defined herein, wherever resident or located,
who brings or causes to be brought into this state motor fuel purchased directly from the
manufacturer thereof. (4) WHOLESALE DISTRIBUTION. Any person, or the act of any person, including
any affiliate of such person, in commerce within the state, who purchases motor...
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