Article 1 State Depositaries 41-14-1 – 41-14-16
Article 2 Deposit of State Funds 41-14-30 – 41-14-38
Article 3 Linked Deposit Program of 2007 41-14-50 – 41-14-56

Terms Used In Alabama Code > Title 41 > Chapter 14

  • AGRICULTURAL BORROWER: Any individual, partnership, cooperative, corporation, or other entity engaged in agriculture or agricultural activities, or both, and which meets all of the following criteria:

    a. See Alabama Code 41-14-51

  • agriculture: The art or science of cultivating the ground and raising and harvesting crops, including also feeding, breeding, and management of livestock and poultry; tillage; husbandry; or farming. See Alabama Code 9-17-171
  • Bequest: Property gifted by will.
  • certificate of incorporation: as used in this chapter is synonymous to the term "certificate of formation" used in Chapter 1. See Alabama Code 10A-2A-1.40
  • Chambers: A judge's office.
  • commissioner: The Commissioner of Agriculture and Industries. See Alabama Code 2-1-1
  • commissioner: The Commissioner of the Department of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-150
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • council: The Alabama Propane Education and Research Council created pursuant to Section 9-17-175. See Alabama Code 9-17-171
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: The Department of Agriculture and Industries of the State of Alabama. See Alabama Code 2-15-150
  • Devise: To gift property by will.
  • director: An individual who serves on the board of directors, by whatever name known, of a foreign or domestic corporation. See Alabama Code 10A-1-1.03
  • Docket: A log containing brief entries of court proceedings.
  • education: Any action to provide information regarding propane and the use of propane to consumers and members of the propane gas industry. See Alabama Code 9-17-171
  • ELIGIBLE BORROWER: An agricultural, emergency, or small business borrower that meets the definition and criteria to participate in the program. See Alabama Code 41-14-51
  • ELIGIBLE LENDING INSTITUTION: Any bank or financial institution designated as a state depositary, as provided under Section 41-14-3, and amendments thereto, that agrees to participate in the program and completes a linked deposit participation agreement. See Alabama Code 41-14-51
  • EMERGENCY BORROWER: Any individual, business, organization, or local government which has suffered loss, and which is located in areas in which property loss has occurred due to fire, flood, tornado, hurricane, or other act of God, or other natural or man-made disaster. See Alabama Code 41-14-51
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • insurer: The term shall have the meaning ascribed in Section 27-1-2 and shall include health maintenance organizations. See Alabama Code 27-41-2
  • Interest: means either or both of the following rights under the governing statute governing an unincorporated entity:

    (i) the right to receive distributions from the entity either in the ordinary course or upon liquidation; or

    (ii) the right to receive notice or vote on issues involving its internal affairs, other than as an agent, assignee, proxy, or person responsible for managing its business and affairs. See Alabama Code 10A-2A-1.40

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • LINKED DEPOSIT: Deposit of state funds made by the Treasurer in support of loans made by eligible lending institutions to eligible borrowers. See Alabama Code 41-14-51
  • LINKED DEPOSIT LOAN: Reduced rate loan made to an eligible borrower by an eligible lending institution that received a below market rate linked deposit for the same term. See Alabama Code 41-14-51
  • LINKED DEPOSIT PARTICIPATION AGREEMENT: The written agreement between the Treasurer and the eligible lending institution that specifies duties and responsibilities of each party consistent with this article and the program. See Alabama Code 41-14-51
  • livestock: Any animal maintained in captivity for any reason. See Alabama Code 2-15-150
  • materials: Infected barns or other infected structures or parts thereof and farm products, clothing, straw, hay or other feed for animals and other articles stored or contained in or adjacent to such barns or other structures. See Alabama Code 2-15-150
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • ODORIZED PROPANE: Propane which has an odorant added to it. See Alabama Code 9-17-171
  • person: An individual, a partnership, a corporation or two or more individuals having a joint or common interest. See Alabama Code 2-1-1
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Principal office: means the office (in or out of this state) so designated in the annual report where the principal executive offices of a corporation or foreign corporation are located. See Alabama Code 10A-2A-1.40
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proceeding: includes any civil suit and criminal, administrative, and investigatory action. See Alabama Code 10A-2A-1.40
  • program: The linked deposit program, created in Section 41-14-52, and administered by the Treasurer whereby an investment of state funds is placed with an eligible lending institution which in turn funds a loan in the full amount of the deposit to an eligible borrower. See Alabama Code 41-14-51
  • propane: Hydrocarbon whose chemical composition is predominately C3H8, whether recovered from natural gas or crude oil, and includes liquefied petroleum gases and mixtures thereof. See Alabama Code 9-17-171
  • PROPANE GAS INDUSTRY: Those persons involved in the production, transportation, and sale of propane. See Alabama Code 9-17-171
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • PUBLIC MEMBER: A member of the council, other than a representative of wholesalers or retail marketers, representing significant users of propane, public safety officials, state regulatory officials, or other groups knowledgeable about propane. See Alabama Code 9-17-171
  • QUALIFIED INDUSTRY ORGANIZATION: The Alabama Propane Gas Association or its successor. See Alabama Code 9-17-171
  • research: Any type of study, investigation, or other activities designed to advance the image, desirability, usage, marketability, and efficient use of propane gas and to further the development and distribution of the information. See Alabama Code 9-17-171
  • RETAIL MARKETER: A person engaged primarily in the sale of odorized propane gas to the end user or to retail propane dispensers. See Alabama Code 9-17-171
  • Service of process: The service of writs or summonses to the appropriate party.
  • SMALL BUSINESS BORROWER: Any individual, proprietor, corporation, partnership, or other entity which meets all of the following criteria:

    a. See Alabama Code 41-14-51

  • Stock: means the units into which the proprietary interests in a corporation or foreign corporation are divided. See Alabama Code 10A-2A-1.40
  • Stockholder: means a record stockholder. See Alabama Code 10A-2A-1.40
  • treasurer: The Treasurer of the State of Alabama, or the designee of the Treasurer. See Alabama Code 41-14-51
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Voting group: means all stock of one or more classes or series that under the certificate of incorporation or this chapter are entitled to vote and be counted together collectively on a matter at a meeting of stockholders. See Alabama Code 10A-2A-1.40
  • wholesaler: A company engaged primarily in the sale of odorized propane gas to the retail marketer or to the end user. See Alabama Code 9-17-171