Terms Used In Alabama Code > Title 45 > Chapter 9 > Article 8 > Part 1 > Division 1 - Compensation

• Asset: means property of a debtor, but the term does not include:
  (i) property to the extent it is encumbered by a valid lien;
  (ii) property to the extent it is generally exempt under nonbankruptcy law; or
  (iii) an interest in property held in tenancy in common for life with cross contingent remainder to the survivor in fee to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Alabama Code 8-9B-2
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• certificate of incorporation: as used in this chapter is synonymous to the term certificate of formation used in Chapter 1. See Alabama Code 10A-3A-1.02
• circuit: means judicial circuit. See Alabama Code 1-1-1
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Creditor: means a person that has a claim. See Alabama Code 8-9B-2
• Debtor: means a person that is liable on a claim. See Alabama Code 8-9B-2
• following: means next after. See Alabama Code 1-1-1
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
• Property: means both real and personal property, whether tangible or intangible, and any interest in property whether legal or equitable and includes anything that may be the subject of ownership. See Alabama Code 8-9B-2
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• 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
• Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance. See Alabama Code 8-9B-2
• United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
• writing: includes typewriting and printing on paper. See Alabama Code 1-1-1