Alabama Code 8-9-3. Sufficiency of note of contract – Memorandum of auctioneer
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Terms Used In Alabama Code 8-9-3
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- property: includes both real and personal property. See Alabama Code 1-1-1
When lands, tenements, or hereditaments are sold or leased at public auction and the auctioneer, his clerk or agent makes a memorandum of the property and the price thereof at which it is sold or leased, the terms of sale, the name of the purchaser, or lessee and the name of the person on whose account the sale or lease is made, such memorandum is a note of the contract within the meaning of Section 8-9-2.