Terms Used In Alabama Code > Title 16 > Chapter 7A
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- contribution: A tangible or intangible benefit that a person transfers to an entity in consideration for an ownership interest in the entity or otherwise in the person's capacity as an owner or a member. See Alabama Code 45-26-231.06
- court: Every court and judge having jurisdiction in a case. See Alabama Code 45-26-231.06
- DEBTOR IN BANKRUPTCY: A person who is the subject of:
(A) an order for relief under the United States bankruptcy laws, Title 11, United States Code, or comparable order under a successor statute of general application; or
(B) a comparable order under federal, state, or foreign law governing insolvency. See Alabama Code 45-26-231.06
- 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
- Ex officio: Literally, by virtue of one's office.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- GENERAL PARTNER: means :
(A) with respect to a limited partnership, a person that:
(i) is admitted as a general partner under Section 10A-9A-4. See Alabama Code 45-10-234.06
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- individual: A natural person and the estate of an incompetent or deceased natural person. See Alabama Code 45-26-231.06
- law: Unless the context requires otherwise, both statutory and common law. See Alabama Code 45-26-231.06
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- LIMITED LIABILITY LIMITED PARTNERSHIP: A limited liability limited partnership as defined in Chapter 9A. See Alabama Code 45-26-231.06
- LIMITED PARTNER: means :
(A) with respect to a limited partnership, a person that:
(i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 45-10-234.06
- LIMITED PARTNERSHIP: A limited partnership as defined in Chapter 9A. See Alabama Code 45-26-231.06
- partner: means a limited partner or general partner. See Alabama Code 45-10-234.06
- partnership: Includes a general partnership, a limited liability partnership, a foreign limited liability partnership, a limited partnership, a foreign limited partnership, a limited liability limited partnership, and a foreign limited liability limited partnership. See Alabama Code 45-26-231.06
- PARTNERSHIP AGREEMENT: means any agreement (whether referred to as a partnership agreement or otherwise), written, oral or implied, of the partners as to the activities and affairs of a limited partnership. See Alabama Code 45-10-234.06
- 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, 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 45-26-231.06
- PERSON DISSOCIATED AS A GENERAL PARTNER: means a person dissociated as a general partner of a limited partnership. See Alabama Code 45-10-234.06
- preceding: means next before. See Alabama Code 30-3D-608
- Probate: Proving a will
- property: Includes all property, whether real, personal, or mixed, or tangible or intangible, or any right or interest therein. See Alabama Code 45-26-231.06
- REQUIRED INFORMATION: means the information that a limited partnership is required to maintain under Section 10A-9A-1. See Alabama Code 45-10-234.06
- transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Alabama Code 45-10-234.06
- trustee: A person who serves as a trustee of a trust, including a real estate investment trust. See Alabama Code 45-26-231.06