Article 2 Substantive Provisions 10-2A-70 – 10-2A-70.2
Article 11 Special Provisions for Close Corporations 10-2A-300 – 10-2A-313

Terms Used In Alabama Code > Title 10 > Chapter 2A

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Bailiff: a court officer who enforces the rules of behavior in courtrooms.
  • Bequest: Property gifted by will.
  • BUSINESS CORPORATION: A corporation or foreign corporation as defined in Chapter 2 or Chapter 2A, as applicable. See Alabama Code 10A-1-1.03
  • CERTIFICATED OWNERSHIP INTEREST: An ownership interest of a domestic entity represented by a certificate. See Alabama Code 10A-1-1.03
  • court: Every court and judge having jurisdiction in a case. See Alabama Code 10A-1-1.03
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Devise: To gift property by will.
  • domestic: With respect to an entity, that the entity is formed and exists pursuant to this title. See Alabama Code 10A-1-1.03
  • DOMESTIC ENTITY: An organization formed and existing pursuant to this title. See Alabama Code 10A-1-1.03
  • entity: A domestic entity or foreign entity. See Alabama Code 10A-1-1.03
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • GOVERNING AUTHORITY: A person or group of persons who are entitled to manage and direct the affairs of an entity pursuant to this title and the governing documents of the entity, except that if the governing documents of the entity or this title divide the authority to manage and direct the affairs of the entity among different persons or groups of persons according to different matters, governing authority means the person or group of persons entitled to manage and direct the affairs of the entity with respect to a matter under the governing documents of the entity or this title. See Alabama Code 10A-1-1.03
  • GOVERNING PERSON: A person serving as part of the governing authority of an entity. See Alabama Code 10A-1-1.03
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • oath: includes affirmation. See Alabama Code 1-1-1
  • officer: An individual elected, appointed, or designated as an officer of an entity by the entity's governing authority or under the entity's governing documents. See Alabama Code 10A-1-1.03
  • OWNERSHIP INTEREST: An owner's interest in an entity. See Alabama Code 10A-1-1.03
  • person: An individual, including the estate of an incompetent or deceased individual, or an organization, whether created by the laws of this state or another state or foreign country, including, without limitation, a general partnership, limited liability partnership, limited partnership, limited liability limited partnership, limited liability company, corporation, professional corporation, nonprofit corporation, professional association, trustee, personal representative, fiduciary, as defined in Section 19-3-150 or person performing in any similar capacity, business trust, estate, trust, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Alabama Code 10A-1-1.03
  • preceding: means next before. See Alabama Code 1-1-1
  • REAL ESTATE INVESTMENT TRUST: An unincorporated trust, association, or other entity as defined in Chapter 10. See Alabama Code 10A-1-1.03
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.