(a) The following entities are exempt from reporting property under this article:

Terms Used In Alabama Code 35-12-73

  • following: means next after. See Alabama Code 1-1-1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • 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
(1) Electric cooperatives organized under Chapters 6 and 7 of Title 37.
(2) Incorporated municipalities and incorporated municipal boards and county and county boards of this state.
(b) The following property is exempt from reporting under this article:

(1) A gift certificate, gift card, or in-store merchandise credit issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail.
(2) Property held, due, and owing in a foreign country and arising out of a foreign transaction.
(3) Unclaimed funds held pursuant to Section 19-3-87.
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