Alabama Code 41-6-52. Identification of item or purpose for which gift expended where gift designated in memory of specified person
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Terms Used In Alabama Code 41-6-52
- 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
When a gift is designated as a gift in memory of a specified person, then the item or purpose for which such gift is expended shall be identified as a memorial to such designated person.