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41-16A-3
supervision; each public corporation that conducts one or more state educational institutions
under its supervision; and any public corporation arising under or organized pursuant to any
statute of the state. (c) GRANTOR PARTY. The lessor under a lease or lease-purchase contract,
grantor under an installment-purchase contract, or other comparable party under any other
alternative financing contract. Unless otherwise indicated by the context, each reference
to grantor party shall include any assignee of the rights of the grantor party under the alternative
financing contract. (d) ELIGIBLE PROPERTY. Any tangible personal property, or any interest
therein, including without limitation any goods, supplies, materials, appliances, equipment,
furnishings, and/or machinery, whether or not such items constitute fixtures. (e) STATE. The
State of Alabama. (f) SUBJECT PROPERTY. The eligible property which is the subject of an alternative
financing contract. (Acts 1993, No. 93-261, p. 389, §3.)...
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7-2A-522
Section 7-2A-522 Lessee's right to goods on lessor's insolvency. (1) Subject to subsection
(2) and even though the goods have not been shipped, a lessee who has paid a part or all of
the rent and security for goods identified to a lease contract (Section 7-2A-217) on making
and keeping good a tender of any unpaid portion of the rent and security due under the lease
contract may recover the goods identified from the lessor if the lessor becomes insolvent
within 10 days after receipt of the first installment of rent and security. (2) A lessee acquires
the right to recover goods identified to a lease contract only if they conform to the lease
contract. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §522.)...
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7-2A-526
Section 7-2A-526 Lessor's stoppage of delivery in transit or otherwise. (1) A lessor may stop
delivery of goods in the possession of a carrier or other bailee if the lessor discovers the
lessee to be insolvent and may stop delivery of carload, truckload, planeload, or larger shipments
of express or freight if the lessee repudiates or fails to make a payment due before delivery,
whether for rent, security or otherwise under the lease contract, or for any other reason
the lessor has a right to withhold or take possession of the goods. (2) In pursuing its remedies
under subsection (1), the lessor may stop delivery until (a) receipt of the goods by the lessee;
(b) acknowledgment to the lessee by any bailee of the goods, except a carrier, that the bailee
holds the goods for the lessee; or (c) such an acknowledgment to the lessee by a carrier via
reshipment or as a warehouse. (3)(a) To stop delivery, a lessor shall so notify as to enable
the bailee by reasonable diligence to prevent delivery...
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7-9A-407
Section 7-9A-407 Restrictions on creation or enforcement of security interest in leasehold
interest or in lessor's residual interest. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective
to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the
lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement
of a security interest in, an interest of a party under the lease contract or in the lessor's
residual interest in the goods; or (2) provides that the assignment or transfer or the creation,
attachment, perfection, or enforcement of the security interest may give rise to a default,
breach, right of recoupment, claim, defense, termination, right of termination, or remedy
under the lease. (b) Effectiveness of certain terms. Except as otherwise provided in Section
7-2A-303(7), a term described in subsection (a)(2) is effective to...
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13A-8-140
Section 13A-8-140 Elements of offense of theft by fraudulent leasing or rental. The crime of
theft by fraudulent leasing or rental of property is committed if a person, herein called
"lessee", signs a written lease or rental contract with a person licensed to rent
or lease tangible personal property under the provisions of Article 4, Chapter 12,
Title 40, herein called "lessor", and obtains or exerts control over tangible personal
property by reason of such rental contract, with the intent, knowledge or expectation that
he will not perform the terms, covenants and agreements of the lessee provided in such rental
contract. (Acts 1986, No. 86-392, p. 576, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/13A-8-140.htm - 975 bytes - Match Info - Similar pages
8-37-2
30 days. (6) GUARANTEED ASSET PROTECTION WAIVER or GAP WAIVER. A contractual agreement in which
a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a
borrower's finance agreement in the event of a total physical damage loss or unrecovered theft
of the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance
agreement. (7) INSURER. An insurance company licensed, registered, or otherwise authorized
to do business under the insurance laws of this state. (8) MOTOR VEHICLE. Self-propelled or
towed vehicles designed for personal or commercial use, including but not limited to
automobiles, trucks, motorcycles, recreational vehicles, all terrain vehicles, snowmobiles,
campers, boats, personal watercraft, and motorcycle, and boat, camper and personal
watercraft trailers. (9) PERSON. An individual, company, association, organization, partnership,
business trust, corporation, and every form of legal entity. (Act 2017-392, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-37-2.htm - 2K - Match Info - Similar pages
7-2A-309
of the lease agreement but subject to the lease agreement and this article, or (ii) if necessary
to enforce other rights and remedies of the lessor or lessee under this article, remove the
goods from the real estate, free and clear of all conflicting interests of all owners and
encumbrancers of the real estate, but the lessor or lessee must reimburse any encumbrancer
or owner of the real estate who is not the lessee and who has not otherwise agreed for the
cost of repair of any physical injury, but not for any diminution in value of the real
estate caused by the absence of the goods removed or by any necessity of replacing them. A
person entitled to reimbursement may refuse permission to remove until the party seeking removal
gives adequate security for the performance of this obligation. (9) Even though the lease
agreement does not create a security interest, the interest of a lessor of fixtures, including
the lessor's residual interest, is perfected by filing a financing...
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7-2A-218
Section 7-2A-218 Insurance and proceeds. (1) A lessee obtains an insurable interest when existing
goods are identified to the lease contract even though the goods identified are nonconforming
and the lessee has an option to reject them. (2) If a lessee has an insurable interest only
by reason of the lessor's identification of the goods, the lessor, until the lessor's default
or insolvency or notification to the lessee that identification is final, may substitute other
goods for those identified. (3) Notwithstanding a lessee's insurable interest under subsections
(1) and (2), the lessor retains an insurable interest until an option to buy has been exercised
by the lessee and risk of loss has passed to the lessee. For this purpose the option to buy
shall be deemed to have been exercised by the lessee when the resulting sale is closed, not
when the lessee gives notice to the lessor of the lessee's intention to exercise the option.
(4) Nothing in this section impairs any insurable interest...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-218.htm - 1K - Match Info - Similar pages
7-2A-528
Section 7-2A-528 Lessor's damages for nonacceptance, failure to pay, repudiation, or other
default. (1) Except as otherwise provided with respect to damages liquidated in the lease
agreement (Section 7-2A-504) or otherwise determined pursuant to agreement of the parties
(Sections 7-1-302 and 7-2A-503), if a lessor elects to retain the goods or a lessor elects
to dispose of the goods and the disposition is by lease agreement that for any reason does
not qualify for treatment under Section 7-2A-527(2), or is by sale or otherwise, the lessor
may recover from the lessee as damages for a default of the type described in Section 7-2A-523(1)
or 7-2A-523(3)(a), or, if agreed, for other default of the lessee, (i) accrued and unpaid
rent as of the date of default if the lessee has never taken possession of the goods, or,
if the lessee has taken possession of the goods, as of the date the lessor repossesses the
goods or an earlier date on which the lessee makes a tender of the goods to the...
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41-10-102
Section 41-10-102 Remedies upon default on bonds, etc. (a) Remedies upon default on bonds or
indenture. If there shall be any default in the payment of the principal of or interest on
any of the bonds issued under this article, or in the performance of any provisions of the
indenture or proceedings authorizing the issuance of such bonds, then the holder of any of
the bonds and the interest coupons applicable thereto and the trustee under such indenture
or any one or more of them shall have and may exercise any one or more of the following remedies:
(1) They may by civil action, mandamus, injunction or other proceeding compel the performance
of all duties of the officers and directors of the corporation with respect to the use of
funds for the payment of the bonds and for the performance of the bonds and the agreements
of the corporation contained in the bonds, the indenture or in the proceedings under which
they were issued; (2) They may institute a civil action and shall be entitled...
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