There Is a Newer Version
of
the Code of Alabama
2009 Alabama Code
Title 27 — INSURANCE.
Chapter 37 — ASSETS.
Section 27-37-9 Valuation - Purchase money mortgages.
Section 27-37-9
Valuation - Purchase money mortgages.
Purchase money mortgages on real property shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or the unpaid balance of the debt secured by such mortgage, whichever is less.
(Acts 1971, No. 407, p. 707, §753.)
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