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Can you summarize 8 ALCA Chapter 9?
COMMERCIAL LAW AND CONSUMER PROTECTION. > FRAUDS.
Short Summary
The provided legal document content covers various aspects related to frauds. It states that 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 for bona fide purchasers for value, lienees, and mortgagees without notice. It also mentions that agreements, contracts, or stipulations to confess judgment in any of the courts of Alabama, to be sued in any county other than that fixed by the venue statutes of Alabama, or to authorize another to confess judgment in any of the courts of Alabama 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. The document further explains that every general assignment or conveyance made by a debtor, which gives preference or priority of payment to one or more creditors over the remaining creditors, shall benefit all the creditors equally, except for mortgages, pledges, or pawns given to secure a debt contracted at the same time as the execution of the mortgage, pledge, or pawn. It also mentions that any agreement, covenant, or stipulation in any contract, verbal or written, forfeiting any right of action for failure to present a claim for damages to the party liable is void, except for stipulations requiring the giving of information by one party to another within a reasonable time of the happening of any event peculiarly within the knowledge of one of the parties to such contract. Additionally, it states that 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 and signed by a party sought to be charged. The document also outlines certain agreements that are void unless they are in writing, such as agreements that are not to be performed within one year, special promises by an executor or administrator, special promises to answer for the debt, default, or miscarriage of another, agreements made upon consideration of marriage, contracts for the sale of lands or any interest therein, agreements, contracts, or promises to make a will or devise or bequeath any real or personal property, agreements or commitments to lend money or modify repayment terms, and agreements for the sale or purchase of securities. It further explains that when lands, tenements, or hereditaments are sold or leased at public auction and a memorandum of the property and the price thereof at which it is sold or leased is made, such memorandum is a note of the contract. Similarly, 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. Lastly, it states that 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.
Whom does it apply to?
Grantors, grantees, bona fide purchasers for value, lienees, mortgagees, parties to contracts, parties to agreements, parties to judgments, parties to conveyances, parties to verbal or written contracts, parties to contracts for the sale of lands or any interest therein, parties to contracts for the sale or purchase of securities, auctioneers, purchasers or lessees of lands, tenements, or hereditaments, officers making judicial sales, mortgagors or debtors, parties to mortgages or security interests
What does it govern?
Frauds
What are exemptions?
Bona fide purchasers for value, lienees, mortgagees without notice, consumer loans with a principal amount financed less than $25,000
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Alabama