Alabama Code 14-2-25. Conveyance of property by state; right to possession thereof; consideration therefor
The Governor of the state is authorized to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority:
Terms Used In Alabama Code 14-2-25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- property: includes both real and personal property. See Alabama Code 1-1-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
- 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
Upon delivery of such deed to the authority, it thereby shall be invested with all right and title that the state had in the property conveyed thereby, subject to the right of reverter to the state of all such property, except such parts of the Kilby property as shall be sold as authorized in Section lease by authority” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”14″>14-2-26, upon the dissolution of the authority. The authority shall be entitled to immediate possession of all such property upon execution of the deed thereto, but it shall not have the right to possession of the Kilby property, or any portion or parcel thereof, until such time or times as the board shall determine that such property, or a portion or parcel, is not required by it for penal or correctional use. The consideration for said conveyance shall be the authority’s agreement to reconvey to the state all said property, except portions of the Kilby property, which have been disposed of, with all improvements thereon, free of charge, immediately before the dissolution of the authority. Since the state will receive back in free rent or earlier reconveyance of facilities the full value of the Kilby property and since other property to be conveyed to and utilized by the authority would not otherwise be improved or further improved, said consideration is hereby conclusively determined to be valuable, adequate and fair. Immediately prior to its dissolution, the authority shall also convey to the state all other assets acquired by the authority, whether by purchase, gift, grant or otherwise, provided the terms of the grant are not violated thereby.