Alabama § 22-21-107 Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited

Alabama Statutes

§ 22-21-107 — Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited

Alabama § 22-21-107

JurisdictionAlabama

Title 22Health, Mental Health, and Environmental Control

Ch. 21Hospitals and Other Health Care Facilities Generally

Art. 4County Hospital Boards and Corporations

Div. 2Hospital Corporations

This text of Alabama § 22-21-107 (Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 22-21-107 (2026).

Text

Securities issued under this division may contain such other terms, provisions, conditions, limitations and agreements, not inconsistent with the provisions of this division, as the directors of the hospital corporation issuing the same shall deem advisable, including, but not limited to, a pledge of all or any part of the revenues of the hospital corporation in payment of the securities and a mortgage of all or any part of the property, real or personal, or any interest therein, of the hospital corporation, including the property acquired or to be acquired from the proceeds of the securities being issued, as security for the payment of the principal of and interest on the securities; provided, that no such mortgage or pledge shall be construed so as to permit the foreclosure thereof.

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Securities issued under this division may contain such other terms, provisions, conditions, limitations and agreements, not inconsistent with the provisions of this division, as the directors of the hospital corporation issuing the same shall deem advisable, including, but not limited to, a pledge of all or any part of the revenues of the hospital corporation in payment of the securities and a mortgage of all or any part of the property, real or personal, or any interest therein, of the hospital corporation, including the property acquired or to be acquired from the proceeds of the securities being issued, as security for the payment of the principal of and interest on the securities; provided, that no such mortgage or pledge shall be construed so as to permit the foreclosure thereof.