43-8-1
Section 43-8-1 General definitions. Subject to additional definitions contained in the subsequent
articles which are applicable to specific articles or divisions, and unless the context otherwise
requires, in this chapter, the following words shall have the following meanings: (1) BENEFICIARY.
As it relates to trust beneficiaries, includes a person who has any present or future interest,
vested or contingent, and also includes the owner of an interest by assignment or other transfer
and as it relates to a charitable trust, includes any person entitled to enforce the trust.
(2) CHILD. Includes any individual entitled to take as a child under this chapter by intestate
succession from the parent whose relationship is involved and excludes any person who is only
a stepchild, a foster child, a grandchild or any more remote descendant. (3) COURT. The court
having jurisdiction in matters relating to the affairs of decedents. This court in Alabama
is known as the probate court. (4) DAYS. That...
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35-8A-410
Section 35-8A-410 Escrow of deposits. (a) As used in this section, except as otherwise provided,
the following terms shall have the following meanings: (1) HARD COSTS. Any and all costs associated
with the actual building and construction of the condominium project, including, but not limited
to, site preparation, building materials, shell features, interior enclosures, fit-out costs,
mechanical and electrical systems, and fixtures. The term hard costs does not include financing
costs, compensation paid to architects, engineers, consultants, sales persons, or attorneys
or for advertising or other marketing costs. (2) QUALIFIED PURCHASER. a. An individual, a
group of individuals, or an entity owned directly or indirectly solely by individuals where
each individual shall have an income of more than two hundred thousand dollars ($200,000)
for the calendar year immediately preceding the date of the purchaser's signing of the purchase
contract, or a joint income with his or her spouse of...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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7-9A-329
Section 7-9A-329 Priority of security interests in letter-of-credit right. The following rules
govern priority among conflicting security interests in the same letter-of-credit right: (1)
A security interest held by a secured party having control of the letter-of-credit right under
Section 7-9A-107 has priority to the extent of its control over a conflicting security interest
held by a secured party that does not have control. (2) Security interests perfected by control
under Section 7-9A-314 rank according to priority in time of obtaining control. (Act 2001-481,
p. 647, §1.)...
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7-5-112
Section 7-5-112 Transfer of letter of credit. (a) Except as otherwise provided in Section 7-5-113,
unless a letter of credit provides that it is transferable, the right of a beneficiary to
draw or otherwise demand performance under a letter of credit may not be transferred. (b)
Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize
or carry out a transfer if: (1) the transfer would violate applicable law; or (2) the transferor
or transferee has failed to comply with any requirement stated in the letter of credit or
any other requirement relating to transfer imposed by the issuer which is within the standard
practice referred to in Section 7-5-108(e) or is otherwise reasonable under the circumstances.
(Acts 1997, No. 97-702, p. 1427, §1.)...
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7-9A-107
Section 7-9A-107 Control of letter-of-credit right. A secured party has control of a letter-of-credit
right to the extent of any right to payment or performance by the issuer or any nominated
person if the issuer or nominated person has consented to an assignment of proceeds of the
letter of credit under Section 7-5-114(c) or otherwise applicable law or practice. (Act 2001-481,
p. 647, §1.)...
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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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7-9A-312
Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents,
instruments, or investment property may be perfected by filing. (b) Control or possession
of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section
7-9A-314; (2) and except as otherwise provided in Section 7-9A-308(d), a security interest
in a letter-of-credit right may be perfected only by control under Section 7-9A-314; and (3)
a security interest in money may be perfected only by the secured party's taking possession
under Section 7-9A-313. (c) Goods covered by negotiable document. While goods are in the possession
of a bailee that has issued a negotiable document covering the goods: (1) a security interest
in the goods may be perfected by perfecting a security interest...
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7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement
between an account debtor and a debtor which relates to a health-care-insurance receivable
or a general intangible, including a contract, permit, license, or franchise, and which term
prohibits, restricts, or requires the consent of the person obligated on the promissory note
or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection
of a security interest in, the promissory note, health-care-insurance receivable, or general
intangible, is ineffective to the extent that the term: (1) would impair the creation, attachment,
or perfection of a security interest; or (2) provides that the assignment or transfer or the
creation, attachment, or perfection of the...
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