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43-2-851
Section 43-2-851 Bond. (a) The court must require a personal representative or special administrator
to furnish bond payable to the judge of probate conditioned upon faithful discharge of all
duties of the trust according to law, with sureties as it shall specify. Unless otherwise
directed, the bond must be in the amount of the aggregate capital value of the property of
the estate in the personal representative's control, plus one year's estimated income, and
minus the value of securities deposited under arrangements requiring an order of the court
for their removal and the value of any land which the fiduciary, pursuant to Section 43-2-844,
lacks power to sell or convey without court authorization. The court, in lieu of sureties
on a bond, may accept other collateral for the performance of the bond, including a pledge
of securities or any other assets or a mortgage of land. (b) The court may at any time reduce
the bond of the personal representative or require the personal...
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5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
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19-1A-2
Section 19-1A-2 (Effective January 1, 2018) Definitions. In this chapter, the following terms
have the following meanings: (1) "Account" means an arrangement under a terms-of-service
agreement in which a custodian carries, maintains, processes, receives, or stores a digital
asset of the user or provides goods or services to the user. (2) "Agent" means a
person granted authority to act for a principal under a power of attorney, whether denoted
an agent, attorney-in-fact, or otherwise. The term includes an original agent, co-agent, successor
agent, and person to which an agent's authority is delegated. (3) "Carries" means
engages in the transmission of an electronic communication. (4) "Catalogue of electronic
communications" means information that identifies each person with which a user has had
an electronic communication, the time and date of the communication, and the electronic address
of the person. (5) "Conservator" means a person appointed by a court to manage the
estate of a...
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27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
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41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have the following
meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance date, 8.33
percent for the next six credit allowance dates, for the total of 50 percent. (2) CREDIT ALLOWANCE
DATE. With respect to any qualified equity investment, the date on which such investment is
initially made and each of the six anniversary dates of that date thereafter. (3) DEPARTMENT.
The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument issued by a qualified
community development entity, at par value or a premium, with an original maturity date of
at least seven years from the date of its issuance, with no acceleration of repayment, amortization,
or prepayment features prior to its original maturity date. The qualified community development
entity that issues the debt instrument may not make cash interest payments on the debt instrument
during the period beginning on the...
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8-21B-3
Section 8-21B-3 Definitions. The following words shall have the following meanings: (1) DEALER.
A person, corporation, partnership, or other business entity primarily engaged in the business
of retail sales or leasing of heavy equipment and heavy equipment parts and who has an established
place of business in this state. If a dealer's retail sales volume of heavy equipment and
heavy equipment parts purchased from a single supplier is greater than 70 percent of such
dealer's total retail sales volume of heavy equipment and heavy equipment parts during the
12-month period immediately prior to May 22, 2009, or the term of any dealer agreement entered
into between the supplier and such dealer after May 22, 2009, then the dealer and such supplier
shall not be subject to this chapter with respect to the dealer agreement and transactions
between them, but the dealer shall otherwise be subject to this chapter with respect to dealer
agreements and transactions with other suppliers. (2) DEALER...
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8-25-1
Section 8-25-1 Definitions. As used in this chapter, the following words and phrases shall
have the following meanings ascribed to them, unless the context clearly indicates otherwise:
(1) ADVERTISEMENT. A commercial message in any medium that directly or indirectly promotes
or assists a rental-purchase agreement, except for instore merchandising aids. (2) CONSUMER.
An individual who leases personal property under a rental-purchase agreement. (3) MERCHANDISE.
The personal property that is the subject of a rental-purchase agreement. (4) MERCHANT. A
person who, in the ordinary course of business, regularly leases, offers to lease, or arranges
for the leasing of merchandise under a rental-purchase agreement, and includes a person who
is assigned an interest in a rental-purchase agreement. (5) RENTAL-PURCHASE AGREEMENT. An
agreement for the use of merchandise by a consumer for personal, family, or household purposes,
for an initial period of four months or less that is automatically...
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19-3D-14
Section 19-3D-14 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. PROTECTION OF CHARITABLE
INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE
CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently,
periodically, on the occurrence of a specified event, or after the passage of a specified
time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL.
Not subject to the occurrence of a specified event that is not certain to occur, other than
a requirement in a trust instrument that a charitable organization be in existence or qualify
under a particular provision of the United States Internal Revenue Code of 1986, as amended,
on the date of the distribution, if the charitable organization meets the requirement on the
date of determination. (b) If a first trust...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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40-23-191
Section 40-23-191 Short title; definitions. (a) This part shall be titled The Simplified Seller
Use Tax Remittance Act. (b) For the purpose of this part, the following terms shall have the
respective meanings ascribed to them in this section: (1) DEPARTMENT. The Alabama Department
of Revenue. (2) ELIGIBLE SELLER. A seller that sells tangible personal property or a service,
but does not have a physical presence in this state or is not otherwise required to collect
and remit state and local sales or use tax for sales delivered into the state. The seller
shall remain eligible for participation in the Simplified Use Tax Remittance Program unless
the seller establishes a presence through a physical business address for the purpose of making
in-state retail sales within the State of Alabama or becomes otherwise required to collect
and remit sales or use tax pursuant to Section 40-23-190 through an affiliate making retail
sales at a physical business address in Alabama. The term also includes...
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