§ 8-9B-1 Short title
§ 8-9B-2 Definitions
§ 8-9B-3 Insolvency
§ 8-9B-4 Value
§ 8-9B-5 Transfer voidable as to present or future creditor
§ 8-9B-6 Transfer voidable as to present creditor
§ 8-9B-7 When transfer is made
§ 8-9B-8 Remedies of creditor
§ 8-9B-9 Defenses, liability, and protection of transferee
§ 8-9B-10 Extinguishment of claim for relief
§ 8-9B-11 Governing law
§ 8-9B-12 Application to series organization
§ 8-9B-13 Supplementary provisions
§ 8-9B-14 Uniformity of application and construction
§ 8-9B-15 Relation to electronic Signatures in Global and National Commerce Act
§ 8-9B-16 Application; conforming amendments

Terms Used In Alabama Code > Title 8 > Chapter 9B

  • Affiliate: means :

    (i) a person that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

    (A) as a fiduciary or agent without sole discretionary power to vote the securities; or

    (B) solely to secure a debt, if the person has not in fact exercised the power to vote;

    (ii) a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by the debtor or a person that directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

    (A) as a fiduciary or agent without sole discretionary power to vote the securities; or

    (B) solely to secure a debt, if the person has not in fact exercised the power to vote;

    (iii) a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

    (iv) a person that operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Alabama Code 8-9B-2

  • 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

  • claim for relief: means 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 8-9B-2
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Creditor: means a person that has a claim. See Alabama Code 8-9B-2
  • Debt: means liability on a claim. See Alabama Code 8-9B-2
  • Debtor: means a person that is liable on a claim. See Alabama Code 8-9B-2
  • Devise: To gift property by will.
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Alabama Code 8-9B-2
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insider: includes :

    (i) if the debtor is an individual:

    (A) a relative of the debtor or of a general partner of the debtor;

    (B) a partnership in which the debtor is a general partner;

    (C) a general partner in a partnership described in clause (B); or

    (D) a corporation of which the debtor is a director, officer, or person in control;

    (ii) if the debtor is a corporation:

    (A) a director of the debtor;

    (B) an officer of the debtor;

    (C) a person in control of the debtor;

    (D) a partnership in which the debtor is a general partner;

    (E) a general partner in a partnership described in clause (D); or

    (F) a relative of a general partner, director, officer, or person in control of the debtor;

    (iii) if the debtor is a partnership:

    (A) a general partner in the debtor;

    (B) a relative of a general partner in, a general partner of, or a person in control of the debtor;

    (C) another partnership in which the debtor is a general partner;

    (D) a general partner in a partnership described in clause (C); or

    (E) a person in control of the debtor;

    (iv) an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

    (v) a managing agent of the debtor. See Alabama Code 8-9B-2

  • Lien: means 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 8-9B-2
  • officer: The term includes every person authorized to enforce the game and fish laws of this state, and whenever the possession, use, importation, transportation, storage, sale, offering, or exposing for sale of game birds, animals, or fish is prohibited or restricted, the prohibition or restriction shall extend to and include every part of the game, bird, animal, or fish, and a violation as to each animal, bird, or fish, or part thereof, shall be a separate offense. See Alabama Code 9-11-1
  • Organization: means a person other than an individual. See Alabama Code 8-9B-2
  • Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity. See Alabama Code 8-9B-2
  • 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
  • real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Alabama Code 8-9B-2
  • Relative: means 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 8-9B-2
  • 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.
  • 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: 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
  • 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: means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. See Alabama Code 8-9B-2