Purchase money mortgages on real property shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or the unpaid balance of the debt secured by such mortgage, whichever is less.
(Acts 1971, No. 407, p. 707, §753.)
Terms Used In Alabama Code 27-37-9
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes both real and personal property. See Alabama Code 1-1-1