Terms Used In Alabama Code 7-2A-307

• Contract: A legal written agreement that becomes binding when signed.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (Section 7-2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Alabama Code 7-2A-103
• 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}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Alabama Code 7-2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Alabama Code 7-2A-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Alabama Code 7-2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Alabama Code 7-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Alabama Code 7-2A-103