§ 24-11-1 Short title
§ 24-11-2 Legislative declaration
§ 24-11-3 Definitions
§ 24-11-4 Establishment and use of first-time and second chance home buyer savings account
§ 24-11-5 Account holder responsibilities
§ 24-11-6 Responsibilities of financial institutions
§ 24-11-7 Deduction of contributions, exclusion of earnings, and limitations
§ 24-11-8 Penalty for withdrawal for purpose other than eligible costs
§ 24-11-9 Department of revenue; forms
§ 24-11-10 Annual report

Terms Used In Alabama Code > Title 24 > Chapter 11

  • ACCOUNT HOLDER: A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer savings account. See Alabama Code 45-36-80.02
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • circuit: means judicial circuit. See Alabama Code 30-3D-608
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • department: Alabama Department of Revenue. See Alabama Code 45-36-80.02
  • Docket: A log containing brief entries of court proceedings.
  • ELIGIBLE COSTS: The down payment and allowable closing costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer. See Alabama Code 45-36-80.02
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • FINANCIAL INSTITUTION: Any bank, savings institution, industrial loan association, credit union, or other similar entity authorized to do business and accept deposits in Alabama. See Alabama Code 45-36-80.02
  • FIRST-TIME AND SECOND CHANCE HOME BUYER: An individual who resides in Alabama and has not owned or purchased, either individually or jointly, a single-family residence during a period of ten years prior to the date of the purchase of a single-family residence. See Alabama Code 45-36-80.02
  • 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.
  • oath: includes affirmation. See Alabama Code 30-3D-608
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 30-3D-608
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • SINGLE-FAMILY RESIDENCE: A single-family residence owned and occupied by a first-time and second chance home buyer as the first-time and second chance home buyer's principal residence, which may also include a manufactured home, trailer, mobile home, condominium unit, or cooperative. See Alabama Code 45-36-80.02
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.