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19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
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11-50A-8
Section 11-50A-8 Powers of the authority. In addition to other powers granted the authority
by this chapter, it shall have all powers consistent with the purposes of the authority as
set forth in Section 11-50A-3, which are necessary or convenient to carry out and effectuate
the purposes and provisions of this chapter, including, but without limiting the generality
of the foregoing, the following enumerated powers, which shall be exercised by the authority
consistently with the provisions of Section 11-50A-3: (1) To sue and be sued and to prosecute
and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(2) To adopt and alter a corporate seal; (3) To make and alter at pleasure all needful bylaws,
rules, and regulations for the transaction of its business and the control of its property
and affairs; (4) To have the same right of eminent domain through condemnation conferred by
Section 10-5-1, or any subsequent statute of similar import; provided...
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11-65-10
Section 11-65-10 Powers and duties of commission. When authorized by one or more elections
as provided in Section 11-65-4, a commission shall have the powers and duties necessary to
license, regulate, and supervise horse racing and pari-mutuel wagering thereon and greyhound
racing and pari-mutuel wagering thereon within the commission municipal jurisdiction, including,
without limiting the generality of the foregoing, the powers and duties hereinafter set forth
in this section or in other sections of this chapter. (1) A commission shall have succession
in perpetuity, subject only to the provisions of this chapter as it may be amended from time
to time. (2) A commission shall have the power to sue and be sued in its own name in civil
suits and actions and to defend suits against it. (3) A commission shall have the power to
adopt and make use of an official seal and to alter the same at pleasure. (4) A commission
shall have the power to adopt, alter, and repeal bylaws, regulations and...
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24-1A-5
Section 24-1A-5 Powers of authority. The authority shall have the following powers: (1) To
have succession by its corporate name until the principal of and interest on the bonds shall
have been fully paid and until it shall have been dissolved as provided in this chapter; (2)
To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject
matter and of the parties thereto; (3) To adopt and use a corporate seal and to alter the
seal at pleasure; (4) To establish a fiscal year; (5) To maintain an office in the City of
Montgomery; (6) To adopt, and from time to time amend and repeal, bylaws and rules and regulations,
not inconsistent with this chapter, to carry into effect the powers and purposes of the authority
in the conduct of its business; (7) To purchase mortgage loans from mortgage lenders; (8)
To contract with mortgage lenders for the origination of, or the servicing, of mortgage loans
to be made by such mortgage lenders and the servicing of the...
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31-2A-43
Section 31-2A-43 (Article 43.) Statute of limitations. (a) Except as otherwise provided in
this article, a person charged with any offense is not liable to be tried by courts-martial
or punished under Section 31-2A-15 (Article 15) if the offense was committed more than 12
months before the receipt of sworn charges and specifications by an officer exercising court-martial
jurisdiction over the command or before the imposition of punishment under Section 31-2A-15
(Article 15). (b) Periods in which the accused is absent without authority or fleeing from
justice shall be excluded in computing the period of limitation prescribed in this article.
(c) Periods in which the accused was absent from territory in which the state has the authority
to apprehend him or her, or in the custody of civil authorities, or in the hands of the enemy,
shall be excluded in computing the period of limitation prescribed in this article. (d) When
the United States is at war, the running of any statute of...
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22-21-260
Section 22-21-260 Definitions. As used in this article, the following words and terms, and
the plurals thereof, shall have the meanings ascribed to them in this section, unless otherwise
required by their respective context: (1) ACQUISITION. Obtaining the legal equitable title
to a freehold or leasehold estate or otherwise obtaining the substantial benefit of such titles
or estates, whether by purchase, lease, loan or suffrage, gift, devise, legacy, settlement
of a trust or means whatever, and shall include any act of acquisition. The term "acquisition"
shall not mean or include any conveyance, or creation of any lien or security interest by
mortgage, deed of trust, security agreement, or similar financing instrument, nor shall it
mean or include any transfer of title or rights as a result of the foreclosure, or conveyance
or transfer in lieu of the foreclosure, of any such mortgage, deed of trust, security agreement,
or similar financing instrument, nor shall it mean or include any...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a) As used
in this section the following words shall have the meanings ascribed to them as follows: (1)
CONTRACTOR. Any natural person, partnership, company, firm, corporation, association, limited
liability company, cooperative, or other legal entity licensed by the Alabama State Licensing
Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is neither a.
organized and existing under the laws of the State of Alabama, nor b. maintains its principal
place of business in the State of Alabama. A nonresident contractor which has maintained a
permanent branch office within the State of Alabama for at least five continuous years shall
not thereafter be deemed to be a nonresident contractor so long as the contractor continues
to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging to the contractor
which has been retained by the awarding authority conditioned on...
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7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except as otherwise
provided in subsection (c), for purposes of determining the priority of a perfected security
interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the
time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when
it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made
pursuant to a commitment entered into before or while the security interest is perfected by
a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor.
Except as otherwise provided in subsection (c), a security interest is subordinate to the
rights of a person that becomes a lien creditor to the extent that the security interest secures
an advance made more than 45 days after the person becomes a lien creditor...
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11-97-10
Section 11-97-10 Security for payment of bonds; contracts and agreements to secure. (a) Bonds
issued by any corporation may, as its board may deem advisable, be either general obligations
of such corporation or limited obligations payable only out of certain specified revenues
or assets of such corporation; provided, that any corporation may enter into contracts with
the holders of any of its bonds preventing such corporation from thereafter issuing general
obligation bonds or limiting the amount of such bonds that may thereafter be issued. To the
extent permitted by any contracts with the holders of outstanding bonds and any other contractual
obligations or requirements, any corporation may pledge any of its revenues or mortgage or
assign any of its assets, whether real or personal and whether tangible or intangible, to
secure the payment of any of its bonds. (b) As security for payment of the principal of and
the interest and premium, if any, on any bonds issued or assumed by it, any...
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8-21A-6
Section 8-21A-6 Supplier's duties to dealers - Agreements to maintain inventory; supplier's
duty to repurchase inventory, etc. upon termination of agreement; transfer of title and right
of possession; continuing security interest; items not covered; civil liability of supplier;
remedies. (a) Whenever any dealer enters into a dealer agreement with a supplier wherein the
dealer agrees to maintain an inventory of equipment and/or repair parts and the dealer agreement
is subsequently terminated or not renewed, whether by either party or mutual consent of both,
the supplier shall repurchase the inventory as provided in this section. Further, supplier
shall repurchase at its fair market value or assume the lease responsibilities of any specific
data processing hardware and/or software that the supplier required the dealer to purchase
to satisfy the minimum requirements of the dealer agreement and repurchase at 75 percent of
the current net price any merchandising tools, accessories, and...
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