Terms Used In Alabama Code > Title 45 > Chapter 42 > Article 1 > Part 1 - Disclaimer

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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.
• following: means next after. See Alabama Code 1-1-1
• person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
• preceding: means next before. See Alabama Code 1-1-1
• property: includes both real and personal property. See Alabama Code 1-1-1
• state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1