Alabama Code 35-4-25. Acknowledgment – Officers holding stock in certain corporations
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Terms Used In Alabama Code 35-4-25
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
An acknowledgment or proof of any deed, mortgage, or other conveyance to or by a corporation, national banking association, building and loan association, or savings and loan association at any time heretofore or hereafter taken by an officer authorized by law to take acknowledgments and proofs of conveyances and at that time owning or holding not more than one percent of the total issued and outstanding capital stock of such corporation, national banking association, building and loan association, or savings and loan association, and not then holding any office in said corporation, national banking association, or building and loan association shall have the same effect as if such officer did not hold or own any of such stock.