Terms Used In Alabama Code > Title 10A > Chapter 3A > Article 1 > Division A - Short Title and Savings Provisions.

• 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.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• certificate of incorporation: as used in this chapter is synonymous to the term certificate of formation used in Chapter 1. See Alabama Code 10A-3A-1.02
• Chambers: A judge's office.
• circuit: means judicial circuit. See Alabama Code 1-1-1
• 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.
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• 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
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• following: means next after. See Alabama Code 1-1-1
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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 claim against real or personal property in satisfaction of a debt.
• 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
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
• 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
• 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.
• 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.
• 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
• Trustee: A person or institution holding and administering property in trust.
• 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}
• United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
• writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
• 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