Alabama Statutes

§ 8-9B-2 — Definitions

Alabama·Title 8 Commercial Law and Consumer Protection·Ch. 9B Alabama Uniform Voidable Transactions Act

As used in this chapter:

(1)“Affiliate” means:
(i)a person that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:
(A)as a fiduciary or agent without sole discretionary power to vote the securities; or
(B)solely to secure a debt, if the person has not in fact exercised the power to vote;
(ii)a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by the debtor or a person that directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities: (A

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Legislative History

(Act 2018-163, §1.)

Nearby Sections

15
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