The provisions of any alternative financing contract that are either permitted or required to be included therein pursuant to this chapter shall be valid and enforceable in accordance with their terms notwithstanding any other laws of the state to the contrary. Notwithstanding the foregoing, the laws of the state other than this chapter shall determine whether a particular alternative financing contract constitutes a lease or a sale of the subject property to the governmental entity with the retention by the grantor party of a security interest and shall determine the applicability of Articles 2, 2A, and/or 9 of Title 7, as amended, to such alternative financing contract.
Ala. Code § 41-16A-7
Impact of Other State Laws Upon Interpretation of Contracts Executed Pursuant to This Chapter.
Known as the Alabama Governmental Leasing Act
The act spans §§ 41-16A-1 to 41-16A-9 (11 sections).
(Acts 1993, No. 93-261, p. 389, §7.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.