Section 10A-1-2.12 - Consideration for indebtedness(a) Unless otherwise provided by its governing documents or this title a domestic entity may create indebtedness for any consideration the entity considers appropriate, including:(3) a contract to receive property;(4) a debt or other obligation of the entity or of another person;(5) services performed or a contract for services to be performed; or(6) a direct or indirect benefit realized by the entity.(b) In the absence of fraud in the transaction, the judgment of the governing authority of a domestic entity as to the value of the consideration received by the entity for indebtedness is conclusive.(c) For purposes of establishing the receipt of consideration under this section, a domestic entity is treated as part of the entity creating indebtedness if the domestic entity is directly or indirectly or wholly or partly owned by that entity.Ala. Code § 10A-1-2.12 (1975)
Act 2009-513, p. 967, § 11.