Terms Used In Alabama Code > Title 45 > Chapter 36 > Article 7 > Part 3 - Powers

• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Probate: Proving a will
• property: includes both real and personal property. See Alabama Code 1-1-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1