Alabama § 41-10-361 - Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments.
Full text of Alabama Code of Alabama § 41-10-361 — Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments., with citation guidance and answers to common questions.
§ 41-10-361. Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments.
The bonds shall not be general obligations of the authority but shall be payable solely out of the funds appropriated and pledged therefor in Section 41-10-365 of this article. As security for the payment of the principal of and interest on the bonds issued by it under this article, the authority is hereby authorized and empowered to pledge for payment of the said principal and interest the funds that are appropriated and pledged in Section 41-10-365 of this article for payment of the said principal and interest. All such pledges made by the authority shall take precedence in the order of the adoption of the resolutions containing such pledges. All bonds issued by the authority pursuant to the provisions of this article shall be solely and exclusively obligations of the authority and shall not be an obligation or debt of the state. The bonds shall be construed to be negotiable instruments although payable solely from a specified source as herein provided.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-10-361
What does Code of Alabama § 41-10-361 cover?
Section 41-10-361 ("Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 41-10-361?
A common citation format is "Code of Alabama § 41-10-361" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 41-10-361 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.