Terms Used In Alabama Code > Title 8 > Chapter 9A - Alabama Fraudulent Transfer Act
- asset: Property of a debtor, but the term does not include:
a. See Alabama Code 8-9A-1
- claim: A right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured, and specifically shall include the nonpayment of child support pursuant to a court order. See Alabama Code 8-9A-1
- creditor: A person who has a claim. See Alabama Code 8-9A-1
- debt: Liability on a claim. See Alabama Code 8-9A-1
- debtor: A person who is liable on a claim. See Alabama Code 8-9A-1
- Dependent: A person dependent for support upon another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- includes: Is not a limiting term. See Alabama Code 8-9A-1
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- insider: Includes:
a. See Alabama Code 8-9A-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lien: A charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien, or a statutory lien. See Alabama Code 8-9A-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: An individual, partnership, corporation, association, organization, government, or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity. See Alabama Code 8-9A-1
- 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.
- property: 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 8-9A-1
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- relative: An individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Alabama Code 8-9A-1
- Statute: A law passed by a legislature.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
- transfer: 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, and creation of a lien or other encumbrance. See Alabama Code 8-9A-1
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- VALID LIEN: A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. See Alabama Code 8-9A-1