Alabama Code 9-10-40. Bonds, etc., not obligations of state or counties
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Terms Used In Alabama Code 9-10-40
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- 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 1-1-1
No bond or other obligation of such a corporation shall be deemed to be the obligation of or a claim against the state or a county thereof.