Terms Used In Alabama Code > Title 7 > Article 7 > Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Alabama Code 7-7-102
• carrier: means a person that issues a bill of lading. See Alabama Code 7-7-102
• circuit: means judicial circuit. See Alabama Code 1-1-1
• Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Alabama Code 7-7-102
• Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Alabama Code 7-7-102
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Alabama Code 7-7-102
• Dependent: A person dependent for support upon another.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: means next after. See Alabama Code 1-1-1
• Fraud: Intentional deception resulting in injury to another.
• Good faith: means honesty in fact in the conduct or transaction concerned. See Alabama Code 7-7-102
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Alabama Code 7-7-102
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Alabama Code 7-7-102
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• month: means a calendar month. See Alabama Code 1-1-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
• preceding: means next before. See Alabama Code 1-1-1
• Probate: Proving a will
• property: includes both real and personal property. See Alabama Code 1-1-1
• 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.
• 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: 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
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
• Warehouse: means a person engaged in the business of storing goods for hire. See Alabama Code 7-7-102
• year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1