The obligation of any supplier is applied to and made an obligation of any successor in interest or assignee of the supplier. A successor in interest includes, but is not limited to, any purchaser of the assets or stock, any surviving entity resulting from merger or liquidation, any receiver or any trustee of the original supplier.

(Acts 1991, No. 91-721, p. 1401, §9.)

Terms Used In Alabama Code 8-21A-9

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • supplier: The manufacturer, wholesaler, or distributor of the tractor, equipment, lawn and garden equipment, light industrial tractors and equipment, and/or repair parts to be sold by the dealer. See Alabama Code 8-21A-2
  • Trustee: A person or institution holding and administering property in trust.