Article 1 General Provisions 8-26B-1 – 8-26B-19
Article 2 Commission and Disposition of Funds 8-26B-30 – 8-26B-31

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

  • Acquired entity: means the corporation or foreign corporation that will have all of one or more classes or series of its stock acquired in a stock exchange. See Alabama Code 10A-2A-11.01
  • Acquiring entity: means the corporation or foreign corporation that will acquire all of one or more classes or series of stock of the acquired entity in a stock exchange. See Alabama Code 10A-2A-11.01
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Allegation: something that someone says happened.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • BENEFIT CORPORATION: A benefit corporation as defined in Chapter 2A. See Alabama Code 10A-1-1.03
  • 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
  • commissioner: The Alabama Commissioner of Agriculture and Industries. See Alabama Code 8-17-80
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Constituent organization: means an organization that is party to a merger under this article. See Alabama Code 10A-2A-11.01
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • department: The Alabama Department of Agriculture and Industries. See Alabama Code 8-17-80
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Docket: A log containing brief entries of court proceedings.
  • domestic: With respect to an entity, means governed as to its internal affairs by this title. See Alabama Code 10A-1-1.03
  • entity: A domestic or foreign organization. See Alabama Code 10A-1-1.03
  • Executor: A male person named in a will to carry out the decedent
  • 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
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • foreign: With respect to an entity, means governed as to its internal affairs by the laws of a jurisdiction other than this state. See Alabama Code 10A-1-1.03
  • foreign corporation: means an entity incorporated or existing under this chapter. See Alabama Code 10A-2A-1.40
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Grantor: The person who establishes a trust and places property into it.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • JUDGE OF PROBATE: The judge of probate of the county in which an entity is required or permitted to deliver a filing instrument for filing pursuant to this title. See Alabama Code 10A-1-1.03
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • LIMITED LIABILITY PARTNERSHIP: A limited liability partnership as defined in Chapter 8A. See Alabama Code 10A-1-1.03
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • 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
  • merger: The combination of one or more domestic entities with one or more domestic entities or foreign entities resulting in:

    (A) one or more surviving domestic entities or foreign entities;

    (B) the creation of one or more new domestic entities or foreign entities, or one or more surviving domestic entities or foreign entities; or

    (C) one or more surviving domestic entities or foreign entities and the creation of one or more new domestic entities or foreign entities. See Alabama Code 10A-1-1.03

  • 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
  • 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
  • Organization: means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; business trust; corporation; nonprofit corporation; professional corporation; or any other person having a governing statute. See Alabama Code 10A-2A-11.01
  • Organizational documents: means :

    (A) for a general partnership or foreign general partnership, its partnership agreement and if applicable, its registration as a limited liability partnership or a foreign limited liability partnership;

    (B) for a limited partnership or foreign limited partnership, its certificate of formation and partnership agreement, or comparable writings as provided in its governing statute;

    (C) for a limited liability company or foreign limited liability company, its certificate of formation and limited liability company agreement, or comparable writings as provided in its governing statute;

    (D) for a business or statutory trust or foreign business or statutory trust its agreement of trust and declaration of trust, or comparable writings as provided in its governing statute;

    (E) for a corporation or foreign corporation, its certificate of incorporation, bylaws, and other agreements among its stockholders that are authorized by its governing statute, or comparable writings as provided in its governing statute;

    (F) for a nonprofit corporation or foreign nonprofit corporation, its certificate of incorporation, bylaws, and other agreements that are authorized by its governing statute, or comparable writings as provided in its governing statute;

    (G) for a professional corporation or foreign professional corporation, its certificate of incorporation, bylaws, and other agreements among its stockholders that are authorized by its governing statute, or comparable writings as provided in its governing statute; and

    (H) for any other organization, the basic writings that create the organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it. See Alabama Code 10A-2A-11.01

  • PARTY TO THE MERGER: A domestic entity or foreign entity that under a plan of merger is combined by a merger. See Alabama Code 10A-1-1.03
  • 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.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • 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
  • 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.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Service of process: The service of writs or summonses to the appropriate party.
  • state: The State of Alabama. See Alabama Code 8-17-80
  • Statute: A law passed by a legislature.
  • subsidiary: An entity at least 50 percent of:

    (A) the ownership or membership interest of which is owned by a parent entity; or

    (B) the voting power of which is possessed by a parent entity. See Alabama Code 10A-1-1.03

  • Summons: Another word for subpoena used by the criminal justice system.
  • Surviving organization: means an organization into which one or more other organizations are merged under this article, whether the organization pre-existed the merger or was created pursuant to the merger. See Alabama Code 10A-2A-11.01
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.