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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27-41-6
Section 27-41-6 Limitations upon investments generally. (a) An insurer shall not have at any one time any single investment or combination of investments in or loans upon the security of the obligations, property, or securities of any one person aggregating in cost to the insurer in excess of the greater of 10 percent of such insurer's assets or the total of its capital and surplus, as shown in the latest annual report of the insurer filed pursuant to subsection (a) of Section 27-3-26 of the Alabama Insurance Code, less the minimum capital and surplus required of said insurer for authority to transact insurance by Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code. The restriction of this subsection shall not apply to evidences of indebtedness issued, assumed, or guaranteed by the United States of America or any department, agency, or instrumentality thereof or by any state of the United States. (b) An insurer shall at all times invest and maintain invested funds in cash and...
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27-41-36
Section 27-41-36 Prohibited investments; underwriting, etc., of offerings of securities or property. (a) After January 1, 1978, an insurer shall not invest in nor lend its funds upon the security of any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer, except as to policy loans authorized under Section 27-41-25 and except as provided in Sections 27-1-2, 27-27-26, and 27-37-2 of the Alabama Insurance Code. (b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person; provided, that nothing in this subsection shall prevent an insurer from purchasing securities or property directly from any person so long as the purchase is made for investment purposes and not for the purpose of resale through public distribution. (Acts 1977, No. 408, p. 530, §39.)...
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5-12A-6
Section 5-12A-6 Control of investments by instrument under which trust institution acts. If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution or by an affiliated trust institution, provided, the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary. If the instrument under which the trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall authorize...
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8-7A-4
Section 8-7A-4 Exemptions from licensing. Sections 8-7A-5 to 8-7A-15, inclusive, shall not apply to any of the following persons: (1) A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws. (2) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers. (3) A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer. (4) Any person collecting, forwarding, or submitting payments to the state, a state agency, board, or commission, a quasi-governmental agency, or to persons in state custody, provided the...
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13A-8-23
Section 13A-8-23 Tampering with availability of gas, electricity, or water. (a) The following terms shall have the meanings ascribed thereto unless the context clearly indicates otherwise: (1) OWNER. Includes any part owner, joint owner, tenant-in-common, joint tenant, or tenant by the entirety of the whole or part of any building. (2) PERSON. Includes a corporation, firm, company, or association. (3) TENANT or OCCUPANT. Shall include any person who occupies the whole or a part of any building whether alone or with others and shall include the owner. (4) UTILITY. Any public or private utility authorized to provide electricity, natural gas, or water or any combination thereof for sale to consumers in any particular service area. (5) UTILITY SERVICES. The products, commodities, and services provided by a utility to its customers. (b) It shall be unlawful for a tenant, occupant, or any other person to commit any of the following acts which could, or in fact does, make gas, electricity, or...
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19-3B-708
Section 19-3B-708 Compensation of trustee. (a) If the terms of a trust do not specify the trustee's compensation, then a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee's compensation, the trustee has entered into a written fee agreement with the settlor, or the trustee has entered into a written fee agreement with the adult current permissible distributees of income and, in the event the trustee's compensation is allocated to principal, the adult presumptive remainder beneficiaries of the trust, then the trustee is entitled to be compensated as specified in the applicable agreement, but the court may allow more or less compensation if: (1) the duties of the trustee are substantially different from those contemplated when the trust was created or when the applicable agreement was executed; or (2) the compensation specified by the terms of the trust or the applicable agreement would be unreasonably low or...
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26-1A-217
Section 26-1A-217 Gifts. (a) In this section, a gift "for the benefit of" a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, as amended. (b) Unless the power of attorney otherwise expressly provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to: (1) make outright to, or for the benefit of, a person including the agent, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), as amended, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to...
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27-22-60
Section 27-22-60 Definitions. As used in this article, the following terms shall have the following meanings: (1) LENDER. A person who holds a mortgage, lien, deed of trust, or other security interest in property. The term includes an assignee, receiver, or other transferee of the interest. (2) RESIDENTIAL REAL PROPERTY. Any of the following: a. A single-family house. b. A duplex, triplex, or quadraplex. c. A unit in a multi-unit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system. (Act 2019-460, §1.)...
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45-35-20.03
Section 45-35-20.03 Definitions. As used in this part, the following words have the following meanings: (1) COUNTY. Houston County. (2) ESTABLISHMENT DEALING IN OR PERMITTING THE CONSUMPTION OF ALCOHOLIC BEVERAGES. Any business establishment operating within the county whichsells, dispenses, or otherwise allows or permits the consumption of alcoholic beverages on the premises. (3) OWNER. When applied to a building or land, shall include any part owner, joint owner, tenant in common, tenant in partnership, joint tenant, or tenant by the entirety of the whole or of a part of the building or land. (4) PERSON. Includes all associations, clubs, societies, firms, partnerships, and bodies politic and corporate, as well as individuals or groups of individuals, and includes any trustee, receiver, assignee, or similar representative thereof. (5) PERSONAL PROPERTY. Every species of property except real property. (6) REAL PROPERTY. Includes lands, tenements, and hereditaments. (Act 2009-817, p....
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