§ 27-37-1 Assets – Generally
§ 27-37-2 Assets – Exclusions
§ 27-37-3 Assets and liabilities as deductions
§ 27-37-4 Disallowance of assets or credits for deception
§ 27-37-5 Valuation – Bonds and other evidences of debt
§ 27-37-6 Valuation – Other securities; preferred or guaranteed stocks or shares
§ 27-37-7 Valuation – Real property and personal property acquired pursuant to chattel mortgages
§ 27-37-8 Valuation – Funeral supplies and equipment
§ 27-37-9 Valuation – Purchase money mortgages

Terms Used In Alabama Code > Title 27 > Chapter 37

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: The State Board of Corrections. See Alabama Code 14-8-30
  • COUNTY INMATE: A person convicted of a crime and sentenced to a term of confinement of one year's duration or less. See Alabama Code 14-8-30
  • Dependent: A person dependent for support upon another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • STATE INMATE: A person convicted of a crime and sentenced to a term of confinement of more than one year's duration. See Alabama Code 14-8-30