Alabama Code 43-2-457. How purchase money secured
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Terms Used In Alabama Code 43-2-457
- Executor: A male person named in a will to carry out the decedent
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The executor or administrator must secure the purchase money by taking notes or bonds of the purchaser, with sufficient sureties, or taking a purchase money mortgage.