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7-2A-209
Section 7-2A-209 Lessee under finance lease as beneficiary of supply contract. (1) The benefit
of a supplier's promises to the lessor under the supply contract and of all warranties, whether
express or implied, including those of any third party provided in connection with or as part
of the supply contract, extends to the lessee to the extent of the lessee's leasehold interest
under a finance lease related to the supply contract, but is subject to the terms of the warranty
and of the supply contract and all defenses or claims arising therefrom. (2) The extension
of the benefit of a supplier's promises and of warranties to the lessee (Section 7-2A-209(1))
does not: (i) modify the rights and obligations of the parties to the supply contract, whether
arising therefrom or otherwise, or (ii) impose any duty or liability under the supply contract
on the lessee. (3) Any modification or rescission of the supply contract by the supplier and
the lessor is effective between the supplier and the...
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7-7-308
Section 7-7-308 Enforcement of carrier's lien. (a) A carrier's lien on goods may be enforced
by public or private sale of the goods, in bulk or in packages, at any time or place and on
any terms that are commercially reasonable, after notifying all persons known to claim an
interest in the goods. The notification must include a statement of the amount due, the nature
of the proposed sale, and the time and place of any public sale. The fact that a better price
could have been obtained by a sale at a different time or in a method different from that
selected by the carrier is not of itself sufficient to establish that the sale was not made
in a commercially reasonable manner. The carrier sells goods in a commercially reasonable
manner if the carrier sells the goods in the usual manner in any recognized market therefor,
sells at the price current in that market at the time of the sale, or otherwise sells in conformity
with commercially reasonable practices among dealers in the type of...
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7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties. A secured
party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security
interest, or agricultural lien by any available judicial procedure; and (2) if the collateral
is documents, may proceed either as to the documents or as to the goods they cover. (b) Rights
and duties of secured party in possession or control. A secured party in possession of collateral
or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-107
has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative; simultaneous
exercise. The rights under subsections (a) and (b) are cumulative...
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10A-3-2.44
Section 10A-3-2.44 Assertion of lack of capacity or power; defense of ultra vires No act of
a nonprofit corporation and no conveyance or transfer of real or personal property to or by
a nonprofit corporation shall be invalid by reason of the fact that the corporation was without
capacity of power to do an act or to make or receive a conveyance or transfer, but lack of
capacity of power may be asserted: (1) In a proceeding by a member or a director against the
nonprofit corporation to enjoin the doing or continuation of unauthorized acts, or the transfer
of real or personal property by or to the nonprofit corporation. If the unauthorized acts
or transfer sought to be enjoined are being, or are to be, performed pursuant to any contract
to which the nonprofit corporation is a party, the court may, if all of the parties to the
contract are parties to the proceeding and if it deems the same to be equitable, set aside
and enjoin the performance of the contract, and in so doing may allow to...
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19-3A-404
Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent
not allocated to income under this chapter, assets received from a transferor during the transferor's
lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under
a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules
in Section 19-3A-401 through Section 19-3A-415, money or other property received from the
sale, exchange, liquidation, or change in form of a principal asset, including realized profit;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described
in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds
of property taken by eminent domain, but a separate award made for the loss of income with
respect to an accounting period during which a current income beneficiary had a mandatory
income interest is income; (5) Net income received in an...
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41-9-351
Section 41-9-351 Commission may provide for insurance for properties and employees. (a) The
commission may provide insurance covering loss or damage to its properties or any properties
of others in its custody, care, or control or any properties as to which it has any insurable
interest caused by fire or other casualty and may likewise provide insurance for the payment
of damages on account of the injury or death of persons and the loss or destruction of properties
of others, and may pay the premiums out of the revenues of the commission. Nothing in this
section shall be construed to authorize or permit the institution of any civil action or proceeding
in any court against the commission for or on account of any matter referred to in this section.
Any contracts of insurance authorized by this section may, in the discretion of the chair
of the commission, provide for a direct right of action against the insurance carrier for
the enforcement of any claims or causes of action. (b) The...
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10A-3-6.01
Section 10A-3-6.01 Sale, lease, exchange, or mortgage of assets. A sale, lease, exchange, mortgage,
pledge or other disposition of all, or substantially all, the property and assets of a nonprofit
corporation may be made upon the terms and conditions and for the consideration, which may
consist in whole or in part of money or property, real or personal, including shares of any
corporation for profit, domestic or foreign, as may be authorized in the following manner:
(1) If there are members entitled to vote thereon, the board of directors shall adopt a resolution
recommending the sale, lease, exchange, mortgage, pledge or other disposition and directing
that it be submitted to a vote at a meeting of members entitled to vote thereon, which may
be either an annual or a special meeting. Written notice stating that the purpose, or one
of the purposes, of the meeting is to consider the sale, lease, exchange, mortgage, pledge,
or other disposition of all, or substantially all, the property...
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11-40-62
Section 11-40-62 Definitions. As used in this article, the following words and phrases shall
have the following meanings: (1) INTERESTED PARTY. Includes the following parties: a. The
person who last appears as owner of the real property in the county office of the judge of
probate's property records. b. The current mortgagee of record of the property or assignee
of record of the mortgagee. c. The current holder of a beneficial interest in a deed of trust
recorded against the real property. d. A tax certificate holder. e. A tax sale purchaser that
holds a deed of purchase in accordance with Section 40-10-29. f. Any party having an interest
in the real property, or in any part thereof, legal or equitable, in severalty or as tenant
in common, whose identity and addresses are reasonably ascertainable from the records of the
Class 2 municipality or records maintained in the county office of the judge of probate or
as revealed by a full title search, consisting of 50 years or more. g. An...
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33-1-25
Section 33-1-25 Port authority authorized to carry fire and casualty and public liability insurance.
The Alabama State Port Authority is hereby authorized to provide insurance covering loss or
damage to its properties, or any properties of others in its custody, care or control, or
any properties as to which it has any insurable interest, caused by fire or other casualty;
and may likewise provide insurance for the payment of damages on account of the injury to
or death of persons, and the loss of or destruction of properties of others; and may pay the
premiums thereon out of the revenues of the port authority. Nothing herein shall be construed
to authorize or permit the institution of any civil action or proceeding in any court against
the port authority for or on account of any matters referred to in this section; provided,
that any contracts of insurance herein authorized may, in the discretion of the director of
the port authority, provide for a direct right of action against the...
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41-9-961
Section 41-9-961 Insurance; civil actions; liability. (a) The commission may provide insurance
covering loss or damage to its properties or any properties of others in its custody, care,
or control, or any properties as to which it has any insurable interest caused by fire or
other casualty and may likewise provide insurance for the payment of damages on account of
the injury to or death of persons and the loss of or destruction of properties of others,
and may pay the premiums out of the revenues of the commission. Nothing in this section shall
be construed to authorize or permit the institution of any civil action or proceeding in any
court against the commission for or on account of any matter referred to in this section;
provided, any contracts of insurance authorized by this section may, in the discretion of
the chair of the commission, provide for a direct right of action against the insurance carrier
for the enforcement of any claims or causes of action. (b) The liability under...
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