For the purposes of this chapter, the following terms shall have the following meanings:
Terms Used In Alabama Code 35-6A-2
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- following: means next after. See Alabama Code 30-3D-608
- Intestate: Dying without leaving a will.
- property: includes both real and personal property. See Alabama Code 30-3D-608
- real property: includes lands, tenements and hereditaments. See Alabama Code 30-3D-608
- 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 30-3D-608
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(1) ASCENDANT. An individual who precedes another individual in lineage, in the direct line of ascent from the other individual.
(2) COLLATERAL. An individual who could inherit from, or whose estate could descend to, the related individual under the law of intestate succession of Alabama but who is not the other individual’s ascendant or descendant.
(3) DESCENDANT. An individual who follows another individual in lineage, in the direct line of descent from the other individual.
(4) DETERMINATION OF VALUE. A court order determining the fair market value of heirs property under Section 35-6A-6 or Section 35-6A-10 or adopting the valuation of the property agreed to by all cotenants.
(5) HEIRS PROPERTY. Real property held in tenancy in common which satisfies all of the following requirements as of the filing of a partition action:
(A) There is no agreement in a record binding all the cotenants which governs the partition of the property;
(B) One or more of the cotenants acquired title from a relative, whether living or deceased; and
(C) Any of the following applies:
(i) Twenty percent or more of the interests are held by cotenants who are relatives;
(ii) Twenty percent or more of the interests are held by an individual who acquired title from a relative, whether living or deceased; or
(iii) Twenty percent or more of the cotenants are relatives.
(6) PARTITION BY SALE. A court-ordered sale of the entire heirs property, whether by auction, sealed bids, or open market sale conducted under Section 35-6A-10.
(7) PARTITION IN KIND. The division of heirs property into physically distinct and separately titled parcels.
(8) RECORD. Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(9) RELATIVE. An ascendant, descendant, or collateral or an individual otherwise related to another individual by blood, marriage, adoption, or law of this state other than this chapter.