It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this article;
(2) The security is exempt from registration under Section 8-6-10; or
(3) The transaction is exempt under Section 8-6-11.
Ala. Code § 8-6-4
Registration of Securities - Required; Exceptions.
Known as the Alabama Securities Act
The act spans §§ 8-6-1 to 8-6-9 (31 sections).
Applied in 3 court decisions — leading case 482 So. 2d 1201 - Foster v. Jesup and Lamont Securities Co. (1986)
Most recently applied in 897 F. Supp. 2d 1122 - San Francisco Residence Club, Inc. v. Baswell-Guthrie (September 2012)
(Acts 1959, No. 542, p. 1318, §3; Acts 1990, No. 90-527, p. 772, §1.)
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.