Section 19-4-1
Definitions.
When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trustee, a guardian, a conservator, an agent, a custodian or a custodian or agent for another fiduciary or fiduciaries.
(2) FIDUCIARY ACCOUNT. An estate, a trust, a guardianship, a custodianship, an agency or any other fiduciary relationship, including a custodianship or agency for another fiduciary or fiduciaries.
(3) BANK. A bank or trust company organized and existing under the laws of Alabama with authority to act as a fiduciary and a national banking association with its principal office in the State of Alabama and with authority to act as a fiduciary.
(4) SECURITY. Any note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificate of interest or participation in an oil or mining title or lease or in payments out of production under such a title or lease; collateral trust certificate; transferable share; trustees' share; investment trust debenture, unit, share or bond; voting trust certificate; or, in general, any interest or instrument commonly known as a security or, with respect to any of the foregoing, any certificate (including a temporary or interim certificate) of interest or participation, any receipt or certificate of deposit or any warrant or right to subscribe or purchase.
(5) CERTIFICATE. Any instrument, document or other writing representing a security.
(6) CLEARING CORPORATION. A corporation:
a. at least 90 percent of the capital stock of which is held by or for one or more persons (other than individuals), each of whom:
1. is subject to supervision or regulation pursuant to the provisions of federal or state banking laws or state insurance laws; or
2. is a broker or dealer or investment company registered under the Securities Exchange Act of 1934 or the Investment Company Act of 1940; or
3. is a national securities exchange or association registered under a statute of the United States such as the Securities Exchange Act of 1934;
b. none of whom, other than a national securities exchange or association, holds in excess of 20 percent of the capital stock of such corporation; and
c. any remaining capital stock of which is held by individuals who have purchased such capital stock at or prior to the time of their taking office as directors of such corporation and who have purchased only so much of such capital stock as may be necessary to permit them to qualify as such directors.
(7) DEPOSIT. Physical delivery and also crediting by entry on the books of a clearing corporation without physical delivery.
(Acts 1976, No. 609, p. 825, §1.)