Alabama Code 27-6-7. Securities and assets – Power of attorney to sell, etc
Terms Used In Alabama Code 27-6-7
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
In lieu of the assignment, transfer, or conveyance of securities and assets to the commissioner as provided for in subsection (a) of Section appraisal or valuation” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”27″>27-6-6 and at all events in connection with any deposit heretofore or hereafter made through the commissioner, the commissioner may require or permit the depositing insurer to deliver to him a power of attorney, executed by the lawful owner of such securities or assets, authorizing the commissioner to transfer, sell, or exchange the same for the purposes of the law under which the same are deposited or held on deposit. The power of attorney shall specifically describe each of the securities and assets covered thereby and shall not be a general power of attorney covering all securities and assets on deposit or thereafter deposited.