Terms Used In Alabama Code > Title 16 > Chapter 62 - Black Heritage Museum of West Alabama Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• circuit: means judicial circuit. See Alabama Code 1-1-1
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• distribution: except as otherwise provided in Section 10A-9A-5. See Alabama Code 10A-9A-1.02
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• following: means next after. See Alabama Code 1-1-1
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• GENERAL PARTNER: means :
  (A) with respect to a limited partnership, a person that:

  (i) is admitted as a general partner under Section 10A-9A-4. See Alabama Code 10A-9A-1.02
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• LIMITED PARTNER: means :
  (A) with respect to a limited partnership, a person that:

  (i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 10A-9A-1.02
• partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• PARTNERSHIP AGREEMENT: means any agreement (whether referred to as a partnership agreement or otherwise), written, oral or implied, of the partners as to the activities and affairs of a limited partnership. See Alabama Code 10A-9A-1.02
• person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
• PERSON DISSOCIATED AS A GENERAL PARTNER: means a person dissociated as a general partner of a limited partnership. See Alabama Code 10A-9A-1.02
• property: includes both real and personal property. See Alabama Code 1-1-1
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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
• transfer: means an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, or transfer by operation of law. See Alabama Code 10A-9A-1.02
• TRANSFERABLE INTEREST: means a partner's right to receive distributions from a limited partnership. See Alabama Code 10A-9A-1.02
• transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Alabama Code 10A-9A-1.02
• Trustee: A person or institution holding and administering property in trust.
• writing: includes typewriting and printing on paper. See Alabama Code 1-1-1