Alabama Code 8-5-24. Effect of transfer of bill, note, etc., given for purchase money of lands
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Terms Used In Alabama Code 8-5-24
- Lien: A claim against real or personal property in satisfaction of a debt.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
The transfer of a bond, bill, or note given for the purchase money of lands, whether the transfer be by delivery merely or in writing, expressed to be with or without recourse on the transferor, passes to the transferee the lien of the vendor of the lands.