reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-23 - Investigation and Subpoenas by Commission.

Section 8-7A-23
Investigation and subpoenas by commission.
(a) The commission may do any of the following:
(1) Make such public or private investigations within or outside of this state as it deems necessary to determine whether: Any license under this chapter should be granted, denied, suspended, or revoked; any person has violated or is about to violate any provision of this chapter or any rule or order hereunder; or to aid in the enforcement of this chapter or in the prescribing of rules and forms hereunder.
(2) Require or permit any person to file a statement in writing, under oath, or otherwise as the commission may determine, as to all the facts and circumstances concerning the matter to be investigated.
(3) Publish information concerning any violation of this chapter or any rule or order hereunder.
(b) In relation to any investigation or proceeding under this chapter, the commission, or any officer designated, may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the commission deems relevant to the inquiry.
(c) In case of refusal to obey a subpoena, upon application by the commission, any court of competent jurisdiction may issue an order to the person failing to obey the subpoena requiring that person to appear before the commission or the officer designated by it, to produce documentary evidence if so ordered, or to give evidence touching the matter under investigation or in question. The court may hold any person who fails to obey an order of the court in contempt of court.
(d) No person is excused from attending and testifying or from producing any document or record before the commission or any officer designated by it, in any proceeding instituted by the commission, on the ground that the testimony or evidence, documentary or otherwise, required of the person may tend to incriminate him or her or subject him or her to a penalty or forfeiture. No individual may be prosecuted or subjected to any penalty or forfeiture using or based on information he or she offered after asserting such privilege, except that the individual so testifying shall not be exempt from prosecution and punishment for perjury committed in so testifying. Nothing in this section shall prohibit the commission from prosecuting any person compelled to testify or provide evidence, if the commission has sufficient evidence, derived from other sources not discovered, derived, or revealed from such compelled testimony or evidence, to sustain a prosecution for a violation under this chapter.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-24 - Party Aggrieved by Order Entitled to Hearing Before Commission; Appeals From Action of Commission.

Section 8-7A-24
Party aggrieved by order entitled to hearing before commission; appeals from action of commission.
(a) Any person aggrieved by an order issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the Administrative Procedure Act, Chapter 22 of Title 41, if the aggrieved person, within 28 days after delivery of the order, submits a written request for a hearing before the commission. The order shall disclose the right to a hearing upon written request within 28 days after delivery of the order. If no timely request for a hearing is made, the order shall constitute a final order of the commission.
(b) Any appeal from any final order of the commission shall be made to the Circuit Court of Montgomery County and shall be governed by the provisions of the Administrative Procedure Act pertaining to judicial review.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-25 - Burden of Proving an Exemption or an Exception From a Definition.

Section 8-7A-25
Burden of proving an exemption or an exception from a definition.
In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-26 - Making, Amending, and Rescinding Rules and Prescribing Forms.

Section 8-7A-26
Making, amending, and rescinding rules and prescribing forms.
The commission from time to time, may make, amend, and rescind rules and prescribe forms as are necessary and desirable to carry out this chapter. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate in the public interest and consistent with the purposes fairly intended by the policy and provisions of this chapter. In prescribing rules and forms, the commission may cooperate with the administrators of other states, industry representatives, and other federal regulatory bodies with a view to effectuate the policy of this chapter to achieve maximum uniformity in the form and content of applications and reports wherever practicable. All rules shall be adopted pursuant to the Alabama Administrative Procedure Act and, along with all forms adopted, be published by the commission.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-27 - Interpretive Opinions by the Commission.

Section 8-7A-27
Interpretive opinions by the commission.
(a) The commission may issue interpretative opinions and no-action letters upon request from interested persons. Such opinions or no-action letters shall be limited in scope and may not be requested to provide legal advice to any person. No opinion or no-action letter shall be issued on a hypothetical basis.
(b) Any person who makes application to the commission for an interpretative opinion or no-action letter shall be assessed a nonrefundable filing fee of five hundred dollars ($500) upon application for such opinion or no-action letter.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1 - Maximum Rates of Interest - Generally.

Section 8-8-1
Maximum rates of interest - Generally.
Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time.
(Code 1852, §1519; Code 1867, §1827; Code 1876, §2088; Code 1886, §1750; Code 1896, §2626; Code 1907, §4619; Code 1923, §8563; Acts 1935, No. 37, p. 69; Code 1940, T. 9, §60.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1.1 - Maximum Rates of Interest - Permitted Under State or Federal Law.

Section 8-8-1.1
Maximum rates of interest - Permitted under state or federal law.
(a) Individuals, partnerships, banks, corporations, and other legal entities may, on any loans or extensions of credit made by them, charge or impose the same rate of interest or finance charge to the same extent and under the same circumstances and conditions as any federal or state chartered or licensed lending institution having its principal place of business in Alabama; provided, however, that any individual or partnership charging or imposing interest or finance charges in excess of that permitted such lending institutions under other applicable law shall be subject to the same penalties prescribed in such other applicable law or laws for such excessive interest or finance charges.
(b) The provisions of this section are cumulative and nothing herein contained shall diminish rights or powers otherwise existing. The provisions of this section, as amended, shall have retroactive effect to May 14, 1979, when it became law; provided, however, that there shall be no change of interest rates on secured loans in existence as of April 25, 1980. Any actions taken or contracts made in accordance with the provisions of this section since May 14, 1979 are hereby ratified, validated, and confirmed.
(Acts 1979, No. 79-103, p. 125; Acts 1980, No. 80-259, p. 335.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1.2 - Maximum Rates of Interest - Loans Secured by Savings Accounts.

Section 8-8-1.2
Maximum rates of interest - Loans secured by savings accounts.
Any savings and loan association located within the State of Alabama may charge on loans secured by savings accounts a rate of interest of not more than two percent per annum in excess of the rate of return payable on any such savings account.
(Acts 1979, No. 79-104, p. 126.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-2 - Maximum Rates of Interest - Aggregation of Principal and Interest on Loans at Six Percent and Division Into Installments.

Section 8-8-2
Maximum rates of interest - Aggregation of principal and interest on loans at six percent and division into installments.
It shall be lawful to lend money at six percent per annum or less, to aggregate principal and interest at the date of the loan for the entire period of the loan and to divide the sum of the principal and interest for the entire period of the loan into monthly or other installments.
(Acts 1927, No. 376, p. 440; Code 1940, T. 9, §61; Acts 1953, No. 450, p. 554.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-4 - Maximum Rates of Interest - Loans, etc., of $100,000 or More to State Board of Education and Trustees of State Educational Institutions.

Section 8-8-4
Maximum rates of interest - Loans, etc., of $100,000 or more to State Board of Education and trustees of state educational institutions.
(a) The State Board of Education and the trustees of all state institutions where education is a part of the program of the institution as referred to in Section 16-3-28, when borrowing money in amounts of not less than $100,000, may agree to pay such rate or rates of interest not to exceed a rate of 15 percent per annum for the loan or forbearance of money as such board of education or trustees may determine, notwithstanding any law of this state otherwise prescribing or limiting such rate or rates of interest.
(b) As to any such agreement, neither such board of education or trustees, nor any surety, guarantor, endorser, or any other person, firm, partnership, association, or corporation which may become liable, in whole or in part, for the payment of the debt and interest agreed to be paid thereon in accordance with the terms hereof, or under any extension, amendment, or renewal thereof, may raise or claim the defense or benefit of the usury laws or any other law prescribing, regulating, or limiting such rate or rates of interest.
(c) The provisions of this section are cumulative and shall be construed in pari materia with other laws prescribing or limiting rates of interest on the loan of money and not in repeal thereof.
(Acts 1969, No. 1038, p. 1919; Acts 1970, Ex. Sess., No. 9, p. 2605.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-6 - Maximum Rates of Interest - Exemption of Debts Incurred Pursuant to National Housing Act or Veterans' Benefits.

Section 8-8-6
Maximum rates of interest - Exemption of debts incurred pursuant to National Housing Act or veterans' benefits.
(a) All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the same now exists or may hereafter be amended or supplemented, and all debts or extensions of credit incurred pursuant to any act of Congress relating to veterans' benefits, as the same now exists or may hereafter be amended or supplemented, are exempt from any law of this state relating to usury or prescribing or limiting interest rates.
(b) The provisions of this section are remedial and supersede the provisions of any other act limiting interest rates in any way contrary to the provisions hereof.
(Acts 1969, No. 3, p. 297.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-7 - Maximum Rates of Interest - Exemption of Bonds, Notes, etc., of State, Instrumentalities, Localities, Etc.

Section 8-8-7
Maximum rates of interest - Exemption of bonds, notes, etc., of state, instrumentalities, localities, etc.
Any bonds, notes, warrants, other evidences of indebtedness, or securities issued by the State of Alabama or any department, agency, or instrumentality thereof, by any not-for-profit public or private corporation at any time organized or created pursuant to act of the Legislature or executive order of the Governor for the purpose of acting as an instrumentality of the State of Alabama or otherwise acting in the public interest and by any board of water and sewer commissioners created under the provisions of Article 10, Chapter 50, Title 11, and authorized to issue bonds under Section 11-50-345 by any municipality, by any county, by any public corporation heretofore or hereafter organized or created in the State of Alabama pursuant to authorization, determination, finding, or other action of any municipality or municipalities or county or counties or the governing body of any one or more thereof, or by any city or county board of education, are hereby exempted from all laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of this chapter.
(Acts 1975, 4th Ex. Sess., No. 53, p. 2665, §1; Acts 1982, No. 82-551, p. 911, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-8 - Interest Accrues on Breach of Contract.

Section 8-8-8
Interest accrues on breach of contract.
All contracts, express or implied, for the payment of money, or other thing, or for the performance of any act or duty bear interest from the day such money, or thing, estimating it at its money value, should have been paid, or such act, estimating the compensation therefor in money, performed.
(Code 1852, §1520; Code 1867, §1828; Code 1876, §2089; Code 1886, §1751; Code 1896, §2627; Code 1907, §4620; Code 1923, §8564; Code 1940, T. 9, §62.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-9 - Interest on Unauthorized Change Bills and Notes Not Exceeding $1.

Section 8-8-9
Interest on unauthorized change bills and notes not exceeding $1.
All change bills and notes for a sum not exceeding $1 issued or circulated in this state without authority of law bear interest at the rate of 100 percent per annum from the day of their date, time of issue or circulation, and may be sued on by the holder thereof, without regard to the person to whom the same are payable, and a recovery had against the person issuing or giving circulation to the same.
(Code 1852, §1524; Code 1867, §1832; Code 1876, §2093; Code 1886, §1755; Code 1896, §2632; Code 1907, §4625; Code 1923, §8569; Code 1940, T. 9, §67.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-10 - Interest on Money Judgments and Costs.

Section 8-8-10
Interest on money judgments and costs.
(a) Judgments for the payment of money, other than costs, if based upon a contract action, bear interest from the day of the cause of action, at the same rate of interest as stated in the contract; all other judgments shall bear interest at the rate of 7.5 percent per annum, the provisions of Section 8-8-1 to the contrary notwithstanding; provided, that fees allowed a trustee, executor, administrator, or attorney and taxed as a part of the cost of the proceeding shall bear interest at a like rate from the day of entry.
(b) This section shall apply to all judgments entered on and after September 1, 2011.
(Code 1852, §1521; Code 1867, §1829; Code 1876, §2090; Code 1886, §1752; Code 1896, §2628; Code 1907, §4621; Code 1923, §8565; Code 1940, T. 9, §63; Acts 1953, No. 64, p. 96; Acts 1981, 3rd Ex. Sess., No. 81-1115, p. 379; Acts 1982, No. 82-443, p. 696; Act 2011-521, p. 837, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-11 - Application of Partial Payments to Principal and Interest.

Section 8-8-11
Application of partial payments to principal and interest.
Except as provided in this section, when partial payments are made, the interest due is first to be paid and the balance applied to the payment of the principal. In the case of a judgment for child or spousal support, or a judgment for medical support of a child or spouse, any partial payment shall be applied first to the principal, and the remaining balance, if any, shall be applied to the interest.
(Code 1852, §1522; Code 1867, §1830; Code 1876, §2091; Code 1886, §1753; Code 1896, §2629; Code 1907, §4622; Code 1923, §8566; Code 1940, T. 9, §64; Acts 1995, No. 95-391, p. 799, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-12 - Enforcement of Usurious Contracts.

Section 8-8-12
Enforcement of usurious contracts.
(a) Except as otherwise permitted by law, all contracts for the payment of interest upon the loan or forbearance of goods, money, things in action, or upon any contract whatever at a higher rate than is prescribed in this chapter are usurious and cannot be enforced except as to the principal.
(b) The borrower of money at a usurious rate of interest shall not in any case be required to pay more than the principal sum borrowed, and if any interest has been paid, the same must be deducted from the principal and judgment entered for the balance only; provided, however, that the defense of usury may not be pleaded against a holder in due course of any negotiable instrument.
(Code 1852, §1523; Code 1867, §1831; Code 1876, §2092; Code 1886, §1754; Code 1896, §2630; Code 1907, §4623; Code 1923, §8567; Acts 1931, No. 650, p. 783; Code 1940, T. 9, §65.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-13 - Collection on Notes, etc., Discounted at Higher Rate of Interest Than Eight Percent.

Section 8-8-13
Collection on notes, etc., discounted at higher rate of interest than eight percent.
Except when otherwise permitted by law, any banker who discounts any note, bill of exchange, or draft at a higher rate of interest than eight percent per annum, not including the difference of exchange, cannot enforce the collection of the same, except as to principal; and if any interest has been paid, the same must be deducted from the principal and judgment entered for the balance only.
(Code 1852, §1417; Code 1867, §1689; Code 1876, §4435; Code 1886, §4140; Code 1896, §2631; Code 1907, §4624; Code 1923, §8568; Code 1940, T. 9, §66.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-14 - Interest Surcharge on Loans or Credit Sales; Refunds; Maximum Interest Rate Indexed to Prime Rate; Maximum Interest Rates for Open-End Credit Plans.

Section 8-8-14
Interest surcharge on loans or credit sales; refunds; maximum interest rate indexed to prime rate; maximum interest rates for open-end credit plans.
(a) In addition to other lawful charges under various state laws, and notwithstanding any restrictions thereunder, a legal licensed lending institution, a vendor making credit sales, any financial institution operating in Alabama or any individual may, if provided in the contract, charge and collect at the time of making a loan or credit sale, on each contract of loan or credit sale, an interest surcharge of not more than six percent of the part of the amount financed, which is not in excess of two thousand dollars ($2000). In addition to any rebate to which the debtor is otherwise entitled, when any contract upon which an interest surcharge has been charged is prepaid in full by any means within 90 days of date of the contract, the creditor shall refund or credit the debtor with a pro rata portion of the interest surcharge, except that in such event an amount of no less than twenty-five dollars ($25) may be retained by the creditor.
(b) As an alternative to any other interest or finance charge allowed by state laws, and any law or regulation to the contrary notwithstanding, a lender or a vendor in credit sales, any financial institution operating in Alabama or any individual may, in connection with any credit sale, upon any type or class of loan, charge a maximum allowable rate on the amount of such loan or credit sale, not to exceed two percentage points above the prime rate at the time such loan or credit sales contract is executed; or if the debt is created under an open-end credit plan, the maximum finance charge in connection therewith shall be one and three-fourths percent per month on the first $750 or less, and one and one-half percent per month on the excess of any unpaid balance from time to time thereunder. For the purpose of this section, the prime rate shall be the average of the prime rates reported by the three largest banks in New York City as of the close of business three business days immediately preceding the date on which the loan or credit sale is made.
(c) The provisions of this section are cumulative to, and not in derogation of, rights under other provisions of state or federal law and shall not in any way repeal, amend or modify the provisions of Public Law 96-221 enacted by the Congress of the United States and approved March 31, 1980.
(Acts 1980, No. 80-738, §§1, 2, 4, 5, p. 1502; Acts 1981, No. 81-654, p. 1071, §1; Acts 1982, No. 82-271, p. 340, §1; Acts 1989, No. 89-421, p. 885; Acts 1997, No. 97-453, p. 803, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-15 - Bad Check Charge; Deemed Not Finance Charge.

Section 8-8-15
Bad check charge; deemed not finance charge.
(a) Any lender of money, extender of other credit, or merchant making a sale of merchandise, goods, or services, or the assignee of the lender, extender of credit, or merchant who receives a check, draft, negotiable order of withdrawal, or like instrument drawn on a bank or other depository institution given by any person in full or partial repayment of a loan, other extension of credit, or a sale of merchandise, goods, or services may, if the instrument is not paid or is dishonored by the institution, charge and collect, through regular billing procedure or otherwise, from the borrower, person to whom the credit was extended, or from whom the instrument was received, a bad check charge of not more than the greater of either twenty-five dollars ($25) or an amount equal to the actual charge by the depository institution for the return of unpaid or dishonored instruments.
(b) Commencing January 1, 1999, the bad check charge in subsection (a) shall increase by one dollar ($1) per year through January 1, 2003, at which time the maximum bad check charge shall be thirty dollars ($30).
Charges imposed in connection with the dishonor of a negotiable instrument shall not be deemed interest finance or other charge made as an incident to or as a condition to the grant of the loan or other extension of credit and shall not be included in determining the limit on charges which may be made in connection with the loan or extension of credit as provided in this section or in any other law of this state.
(Acts 1985, No. 85-282, p. 182; Acts 1989, Ex. Sess., No. 89-980, p. 19; Acts 1991, No. 91-319, p. 578, §1; Acts 1997, No. 97-413, p. 679, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-1 - Mortgage of Personalty.

Section 8-9-1
Mortgage of personalty.
Except as may be otherwise provided by Title 7 a mortgage of or security interest in personal property is not valid unless made in writing and subscribed by the mortgagor or debtor.
(Code 1886, §1731; Code 1896, §2151; Code 1907, §4288; Code 1923, §8033; Code 1940, T. 20, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-2 - Certain Agreements Void Unless in Writing.

Section 8-9-2
Certain agreements void unless in writing.
In the following cases, every agreement is void unless such agreement or some note or memorandum thereof expressing the consideration is in writing and subscribed by the party to be charged therewith or some other person by him thereunto lawfully authorized in writing:
(1) Every agreement which, by its terms, is not to be performed within one year from the making thereof;
(2) Every special promise by an executor or administrator to answer damages out of his own estate;
(3) Every special promise to answer for the debt, default or miscarriage of another;
(4) Every agreement, promise or undertaking made upon consideration of marriage, except mutual promises to marry;
(5) Every contract for the sale of lands, tenements or hereditaments, or of any interest therein, except leases for a term not longer than one year, unless the purchase money, or a portion thereof is paid and the purchaser is put in possession of the land by the seller;
(6) Every agreement, contract or promise to make a will or to devise or bequeath any real or personal property or right, title or interest therein;
(7) Every agreement or commitment to lend money, delay or forebear repayment thereof or to modify the provisions of such an agreement or commitment except for consumer loans with a principal amount financed less than $25,000;
(8) Notwithstanding Section 7-8-113, every agreement for the sale or purchase of securities other than through the facilities of a national stock exchange or of the over-the-counter securities market.
(Code 1852, §1551; Code 1867, §1862; Code 1876, §2121; Code 1886, §1732; Code 1896, §2152; Code 1907, §4289; Code 1923, §8034; Code 1940, T. 20, §3; Acts 1951, No. 645, p. 1109; Acts 1989, No. 89-430, p. 910; Acts 1996, No. 96-742, p. 1241, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-3 - Sufficiency of Note of Contract - Memorandum of Auctioneer.

Section 8-9-3
Sufficiency of note of contract - Memorandum of auctioneer.
When lands, tenements, or hereditaments are sold or leased at public auction and the auctioneer, his clerk or agent makes a memorandum of the property and the price thereof at which it is sold or leased, the terms of sale, the name of the purchaser, or lessee and the name of the person on whose account the sale or lease is made, such memorandum is a note of the contract within the meaning of Section 8-9-2.
(Code 1852, §1552; Code 1867, §1863; Code 1876, §2122; Code 1886, §1733; Code 1896, §2153; Code 1907, §4290; Code 1923, §8035; Code 1940, T. 20, §4.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-4 - Sufficiency of Note of Contract - Return or Report of Officer Making Judicial Sale.

Section 8-9-4
Sufficiency of note of contract - Return or report of officer making judicial sale.
When lands, tenements, or hereditaments are sold at judicial sale, the return or report of the officer making the sale, showing the names of the parties to the action or proceeding, a description of the property, the price at which it was sold, and the name of the purchaser is a note of the contract within the meaning of Section 8-9-2.
(Code 1896, §2154; Code 1907, §4291; Code 1923, §8036; Code 1940, T. 20, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-5 - Representation or Assurance of Another's Credit to Be in Writing.

Section 8-9-5
Representation or assurance of another's credit to be in writing.
No action can be maintained to charge any person, by reason of any representation or assurance made, concerning the character, conduct, ability, trade, or dealings of any other person, when such action is brought by the person to whom such representation or assurance was made, unless the same is in writing, signed by a party sought to be charged.
(Code 1852, §1553; Code 1867, §1864; Code 1876, §2123; Code 1886, §1734; Code 1896, §2155; Code 1907, §4292; Code 1923, §8037; Code 1940, T. 20, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-8 - When General Assignment or Conveyance of Substantially All Property by Debtor Inures to Benefit of All Creditors Equally.

Section 8-9-8
When general assignment or conveyance of substantially all property by debtor inures to benefit of all creditors equally.
(a) Every general assignment made by a debtor or a conveyance by a debtor of substantially all of his property subject to execution in payment of a prior debt by which a preference or priority of payment is given to one or more creditors over the remaining creditors of the grantor shall be and inure to the benefit of all the creditors of the grantor equally.
(b) This section shall not apply to or embrace mortgages, pledges, or pawns given to secure a debt contracted contemporaneously with the execution of the mortgage, pledge, or pawn and for the security of which the mortgage, pledge, or pawn was given.
(c) A "general assignment" within the meaning of this section shall include, in addition to the conveyances now defined as such by law, every judgment confessed, attachment procured by a debtor or other disposition of property by which a debtor conveys all, or substantially all, of his property subject to execution in payment of, or as the security for, a prior debt or charges such property with the payment of such debt.
(Code 1876, §2126; Code 1886, §1737; Code 1896, §2158; Code 1907, §4295; Code 1923, §8040; Code 1940, T. 20, §9.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-10 - Agreement in Contract to Forfeit Right of Action for Not Presenting Damage Claim Void; Exceptions.

Section 8-9-10
Agreement in contract to forfeit right of action for not presenting damage claim void; exceptions.
Any agreement, convenant, or stipulation in any contract, verbal or written, forfeiting any right of action for failure to present to the party liable a claim for damages, is void; but this section shall not prevent stipulations requiring the giving of informaiton by one party to another within a reasonable time of the happening of any event peculiarly within the knowlege of one of the parties to such contract.
(Code 1907, § 4297; Code 1923, § 8048; Code 1940, T. 20, §17.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-11 - Agreements to Confess Judgment, Be Sued in Different Venue or Authorize Another to Confess Judgment Before Commencement of Action Void; Annulment of Illegal Judgments.

Section 8-9-11
Agreements to confess judgment, be sued in different venue or authorize another to confess judgment before commencement of action void; annulment of illegal judgments.
All agreements, contracts, or stipulations to confess judgment in any of the courts of this state, to be sued in any county other than that fixed by the venue statutes of this state, or to authorize another to confess judgment in any of the courts of this state made before the commencement of the action in which such judgments are so confessed shall be void, and all judgments by such unlawful confession, or otherwise taken or had in violation of this section, shall be set aside and annulled on motion if made within six months after the entry of such judgment.
(Code 1907, §4296; Code 1923, §8047; Code 1940, T. 20, §16.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-12 - Realty Conveyance Wherein Grantee Agrees to Support Grantor During Life Voidable; Exceptions.

Section 8-9-12
Realty conveyance wherein grantee agrees to support grantor during life voidable; exceptions.
Any conveyance of realty wherein a material part of the consideration is the agreement of the grantee to support the grantor during life is void at the option of the grantor, except as to bona fide purchasers for value, lienees, and mortgagees without notice, if, during the life of the grantor, he takes proceedings to annul such conveyance.
(Code 1923, §8046; Code 1940, T. 20, §15.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-2 - Insolvency.

Section 8-9A-2
Insolvency.
(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation.
(b) A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
(d) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter.
(e) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
(Acts 1989, No. 89-793, p. 1585, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-3 - Value.

Section 8-9A-3
Value.
(a) Value is given for a transfer if, in exchange for the transfer, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise to furnish support to the debtor or another person made otherwise than in the ordinary course of the promisor's business.
(b) For the purposes of subsection (c) of Section 8-9A-4 and subsection (a) of Section 8-9A-5, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
(Acts 1989, No. 89-793, p. 1585, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-4 - Transfers Fraudulent as to Present and Future Creditors.

Section 8-9A-4
Transfers fraudulent as to present and future creditors.
(a) A transfer made by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made, if the debtor made the transfer with actual intent to hinder, delay, or defraud any creditor of the debtor.
(b) In determining actual intent under subsection (a), consideration may be given, among other factors, to whether:
(1) The transfer was to an insider;
(2) The debtor retained possession or control of the property transferred after the transfer;
(3) The transfer was disclosed or concealed;
(4) Before the transfer was made the debtor had been sued or threatened with suit;
(5) The transfer was of substantially all the debtor's assets;
(6) The debtor absconded;
(7) The debtor removed or concealed assets;
(8) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred;
(9) The debtor was insolvent or became insolvent shortly after the transfer was made;
(10) The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
(c) A transfer made by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made, if the debtor made the transfer without receiving a reasonably equivalent value in exchange for the transfer and the debtor:
(1) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(2) Intended to incur, or believed or reasonably should have believed that he or she would incur, debts beyond his or her ability to pay as they became due.
(Acts 1989, No. 89-793, p. 1585, §4.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-5 - Transfers Fraudulent as to Present Creditors.

Section 8-9A-5
Transfers fraudulent as to present creditors.
(a) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the debtor made the transfer without receiving a reasonably equivalent value in exchange for the transfer and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer.
(b) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt and the debtor was insolvent at that time and the insider had reasonable cause to believe that the debtor was insolvent.
(Acts 1989, No. 89-793, p. 1585, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-6 - When Transfer Is Made.

Section 8-9A-6
When transfer is made.
For the purposes of this chapter:
(1) A transfer is made:
a. With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
b. With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;
(2) If applicable law permits the transfer to be perfected as provided in subdivision (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to be perfected as provided in subdivision (1), the transfer is made when it becomes effective between the debtor and the transferee.
(4) Except with respect to personal property and fixtures where a lender has perfected its security interest in such property in which event paragraph (1)a shall apply, a transfer is not made until the debtor has acquired rights in the asset transferred.
(Acts 1989, No. 89-793, p. 1585, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-7 - Remedies of Creditors.

Section 8-9A-7
Remedies of creditors.
(a) In an action for relief against a transfer under this chapter, the remedies available to creditors, subject to the limitations in Section 8-9A-8, include:
(1) Avoidance of the transfer to the extent necessary to satisfy the creditor's claim;
(2) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by any applicable provision of any other statute or the Alabama Rules of Civil Procedure;
(3) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure,
a. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
b. Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
c. Any other relief the circumstances may require.
(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
(Acts 1989, No. 89-793, p. 1585, §7.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-8 - Defenses, Liability, and Protection of Transferee.

Section 8-9A-8
Defenses, liability, and protection of transferee.
(a) A transfer is not voidable under Section 8-9A-4(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee who took in good faith.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under Section 8-9A-7(a)(1), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c), or the amount necessary to satisfy the creditor's claim, whichever is less, or judgment for conveyance of the asset transferred. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
(c) If the judgment under subsection (b) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer under this chapter, a good-faith transferee is entitled, to the extent of the value given the debtor for the transfer or to another person as a consequence of the debtor's making such transfer, to
(1) A lien on or a right to retain any interest in the asset transferred; or
(2) A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under Section 8-9A-4(c) or Section 8-9A-5 if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with Article 9 of Title 7 of the Uniform Commercial Code or a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor under a mortgage or deed of trust.
(f) A transfer is not voidable under Section 8-9A-5(b):
(1) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as antecedent debt of the debtor.
(Acts 1989, No. 89-793, p. 1585, §8.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-9 - Extinguishment of Claim for Relief.

Section 8-9A-9
Extinguishment of claim for relief.
A claim for relief with respect to a fraudulent transfer under this chapter is extinguished unless action is brought:
(1) Under Section 8-9A-4(a) within 10 years after the transfer of real property was made.
(2) Under Section 8-9A-4(a) within six years after the transfer of personal property was made.
(3) Under Section 8-9A-4(c) or 8-9A-5(a), within four years after the transfer was made when the action is brought by a creditor whose claim arose before the transfer was made.
(4) Under Section 8-9A-4(c), within one year after the transfer was made when the action is brought by a creditor whose claim arose after the transfer was made; or
(5) Under Section 8-9A-5(b), within one year after the transfer was made.
(Acts 1989, No. 89-793, p. 1585, §9.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-10 - Supplementary Provisions.

Section 8-9A-10
Supplementary provisions.
Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
(Acts 1989, No. 89-793, p. 1585, §10.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-11 - Uniformity of Application and Construction.

Section 8-9A-11
Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
(Acts 1989, No. 89-793, p. 1585, §11.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9B - Alabama Uniform Voidable Transactions Act › Section 8-9B-3 - Insolvency.

Section 8-9B-3
Insolvency.
(a) A debtor is insolvent if the sum of the debtor’s debts at a fair valuation is greater than the sum of the debtor’s assets at a fair valuation.
(b) A debtor that is generally not paying the debtor’s debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.
(c) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter.
(d) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
(Act 2018-163, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9B - Alabama Uniform Voidable Transactions Act › Section 8-9B-4 - Value.

Section 8-9B-4
Value.
(a) Value is given for a transfer if, in exchange for the transfer, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish support to the debtor or another person.
(b) For the purposes of Section 8-9B-5 (a)(2) and Section 8-9B-6, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
(Act 2018-163, §1.)