Alabama Code 11-50-151. Purchaser to assume payment of existing bonded indebtedness upon plant
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 11-50-151
- Lien: A claim against real or personal property in satisfaction of a debt.
If there is any bonded indebtedness existing which was incurred in the purchase or construction of such electric plant, gas plant or waterworks plant and which is a lien upon the plant, the purchaser shall assume the payment of such bonded indebtedness.