Alabama Code 35-6A-2. Definitions
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For the purposes of this chapter, the following terms shall have the following meanings:
Terms Used In Alabama Code 35-6A-2
- Appraisal: A determination of property value.
- 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.
- following: means next after. See Alabama Code 1-1-1
- Intestate: Dying without leaving a will.
- property: includes both real and personal property. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
