Terms Used In Alabama Code 10A-9A-5.08

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• distribution: except as otherwise provided in Section 10A-9A-5. See Alabama Code 10A-9A-1.02
• GENERAL PARTNER: means :
  (A) with respect to a limited partnership, a person that:

  (i) is admitted as a general partner under Section 10A-9A-4. See Alabama Code 10A-9A-1.02
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• LIMITED PARTNER: means :
  (A) with respect to a limited partnership, a person that:

  (i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 10A-9A-1.02
• 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.
• partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• PARTNERSHIP AGREEMENT: means any agreement (whether referred to as a partnership agreement or otherwise), written, oral or implied, of the partners as to the activities and affairs of a limited partnership. See Alabama Code 10A-9A-1.02
• property: includes both real and personal property. See Alabama Code 1-1-1
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}