AL HB795

Adds Section 35-4-77 to the Code of Alabama 1975 to establish a method for providing constructive notice when a receiver for a depository institution assigns real property interests.

Allows assignments of mortgages, financing statements, liens, or other real property interests executed by a receiver and recorded in county real property records to constitute constructive notice of transfer without requiring specific identification of each property interest.

Requires assignments to be indexed by the judge of probate using the depository institution's name in the direct index and the assignee's name in the reverse index, with recording fees collected as if transferring a single instrument.

Ratifies all assignments previously recorded in substantial compliance with this section and establishes this method as cumulative with, not exclusive of, other methods of providing constructive notice.

Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.