Securities issued by an authority, while not registered, shall be construed to be negotiable instruments although payable solely from a specified or limited source. All coupons applicable to any securities issued by an authority, while the applicable securities are not registered as to both principal and interest, shall likewise be construed to be negotiable instruments although payable solely from a specified or limited source.
Ala. Code § 22-21-327
Securities and Coupons as Negotiable Instruments.
Known as the The Health Care Authorities Act
The act spans §§ 22-21-310 to 22-21-344 (35 sections).
(Acts 1982, No. 82-418, p. 629, §18.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.