Alabama Code 8-6-4. Registration of securities – Required; exceptions

It is unlawful for any person to offer or sell any security in this state unless:

(1) It is registered under this article;

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person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
sell: includes every contract of sale of, contract to sell, or disposition of a security or interest in a security for value. See Alabama Code 8-6-2
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

(2) The security is exempt from registration under Section 8-6-10; or

(3) The transaction is exempt under Section 8-6-11.