Article 1 General Provisions 8-26A-1 – 8-26A-18
Article 2 Commission and Disposition of Funds 8-26A-30 – 8-26A-31

Terms Used In Alabama Code > Title 8 > Chapter 26A

  • AFFILIATED TRUST INSTITUTION: A trust institution which, together with one or more other trust institutions, are each owned or controlled by a bank holding company which is under the supervision of the Board of Governors of the Federal Reserve System. See Alabama Code 5-12A-1
  • 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.
  • BOARD OF DIRECTORS: The group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated. See Alabama Code 10A-3-1.02
  • brand: The trade name or other designation under which a particular petroleum product is sold, offered for sale, or otherwise identified. See Alabama Code 8-17-80
  • bylaws: The code or codes of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name or names by which the rules are designated. See Alabama Code 10A-3-1.02
  • Chambers: A judge's office.
  • commissioner: The Alabama Commissioner of Agriculture and Industries. See Alabama Code 8-17-80
  • COMMON TRUST FUND: A fund established, maintained and administered pursuant to the requirements of this chapter by a trust institution exclusively for the collective investment and reinvestment of moneys contributed thereto by such trust institution in its capacity as a fiduciary or cofiduciary or by an affiliated trust institution in its capacity as a fiduciary or cofiduciary. See Alabama Code 5-12A-1
  • Continuance: Putting off of a hearing ot trial until a later time.
  • cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 10A-1-1.03
  • distribution: A transfer of property, including cash, from an entity to an owner or member of the entity in the owner's or member's capacity as an owner or member. See Alabama Code 10A-1-1.03
  • ESTATE OR ESTATES: Such term shall include any trust, estate or fund administered by a trust institution in a fiduciary capacity. See Alabama Code 5-12A-1
  • Executor: A male person named in a will to carry out the decedent
  • 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.
  • fiduciary: Any trust institution or person acting in the capacity of executor, administrator, administrator with the will annexed, administrator de bonis non, guardian, testamentary trustee, trustee appointed by any court and trustee, agent or custodian under any written agreement, declaration or instrument of trust, either solely or together with others. See Alabama Code 5-12A-1
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • LUBRICATING OIL: Those products of petroleum that are commonly used in lubricating or oiling engines and any devices or substitutes for such products of petroleum. See Alabama Code 8-17-80
  • motor vehicle: as used in this division , shall include all vehicles propelled by any power other than muscular power. See Alabama Code 8-17-150
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • NONPROFIT ASSOCIATION: An unincorporated nonprofit association as defined in Chapter 17. See Alabama Code 10A-1-1.03
  • NONPROFIT CORPORATION: A nonprofit corporation no part of the income or profit of which is distributable to its members, directors, or officers. See Alabama Code 10A-3-1.02
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • OWNED OR CONTROLLED: The ownership by a bank holding company of stock possessions of at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock (other than nonvoting stock which is limited and preferred as to dividends) of the trust institution. See Alabama Code 5-12A-1
  • participant: Any trust, estate or fund administered by a trust institution in a fiduciary capacity having a "participation. See Alabama Code 5-12A-1
  • participation: The interest of a participating trust in the common trust fund. See Alabama Code 5-12A-1
  • person: Any natural person, firm, partnership, association, corporation, receiver, trust, estate, or other entity as well as any other group or combination thereof acting as a unit. See Alabama Code 8-17-80
  • PETROLEUM PRODUCTS: Gasoline, diesel fuel, and lubricating oil. See Alabama Code 8-17-80
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • re-refined oil: as used in this division , shall mean any lubricating oil, lubricant or motor lubricating oil which has been previously used, in whole or in part, when such oil has been reprocessed, re-refined or in any manner reclaimed, regardless of the quality of the oil, the method of reprocessing, re-refining or reclaiming of the oil or of the intended use of such oil. See Alabama Code 8-17-110
  • 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.
  • SECURITY OR SECURITIES: Such term shall include all types of property in which the trust institution is authorized to invest the assets of the common trust fund. See Alabama Code 5-12A-1
  • 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.
  • state: The State of Alabama. See Alabama Code 8-17-80
  • TRUST INSTITUTION: Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the supervision of the Comptroller of the Currency of the United States or the Federal Reserve System, or the Superintendent of Banks of the State of Alabama. See Alabama Code 5-12A-1
  • Verdict: The decision of a petit jury or a judge.