Ala. Code § 22-21-327
Current with legislation from 2024 effective through July 1, 2024.
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 (1975)