Alabama Code 5-10A-5. Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action
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Terms Used In Alabama Code 5-10A-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The provisions of Sections liabilities, segregate deposits and assets, renew loans, etc” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”5″>5-10A-1 through 5-10A-4 authorize actions to be taken during an emergency. Any action taken pursuant to these sections shall be reported to the Banking Board and shall automatically terminate upon the expiration of 120 days unless such action is approved during that period by a majority of the Banking Board.