Alabama § 41-9-963 - Bonds and Obligations Solely and Exclusively Commission’s; Resolution Recital.
Full text of Alabama Code of Alabama § 41-9-963 — Bonds and Obligations Solely and Exclusively Commission’s; Resolution Recital., with citation guidance and answers to common questions.
§ 41-9-963. Bonds and Obligations Solely and Exclusively Commission’s; Resolution Recital.
(a) All obligations incurred by the commission and all bonds issued by it shall be solely and exclusively an obligation of the commission and shall not create an obligation or debt of the State of Alabama or any county or municipality.
(b) All bonds issued by the commission, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the commission, while the applicable bonds are not registered as to both principal and interest, shall likewise be construed to be negotiable instruments although payable from a limited source. Bonds shall constitute legal investments for savings banks and insurance companies organized under the laws of the state; and, unless otherwise directed by the court having jurisdiction or the document that is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable prudence, invest trust funds in the bonds of the commission.
(c) Any resolution authorizing bonds under this article shall contain a recital that they are issued pursuant to this article, which shall be conclusive evidence the bonds have been duly authorized.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-9-963
What does Code of Alabama § 41-9-963 cover?
Section 41-9-963 ("Bonds and Obligations Solely and Exclusively Commission’s; Resolution Recital.") 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 § 41-9-963?
A common citation format is "Code of Alabama § 41-9-963" (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 § 41-9-963 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.