Code of Alabama
Ala. Code § 8-6-4 (2026)
Registration of Securities - Required; Exceptions.
✓ official Alabama Legislature (ALISON) text, current July 2026
It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this article;
(2) The security is exempt from registration under Section 8-6-10; or
(3) The transaction is exempt under Section 8-6-11.
(Acts 1959, No. 542, p. 1318, §3; Acts 1990, No. 90-527, p. 772, §1.)
Notes of Decisions
Cited in 8
cases, 1980–2012 · leading case: San Francisco Residence Club, Inc. v. Baswell-Guthrie, 897 F. Supp. 2d 1122 (N.D. Ala. 2012).
San Francisco Residence Club, Inc. v. Baswell-Guthrie, 897 F. Supp. 2d 1122 (N.D. Ala. 2012). “See Ala.Code § 8-6-4 (1975). The purchaser of an unregistered security is provided a private right of action against the seller of that security.”
Ex Parte Dill, Dill, Carr, Stonbraker & Hutchings, PC, 866 So. 2d 519 (Ala. 2003). “The plaintiffs alleged: "(1) that the defendants had failed to register the limited partnership interest in Gilford Partners, in violation of § 8-6-4[, Ala.Code 1975]; (2) that Holmes and Holmes-Gilford had failed to register as agent and dealer, respectively, in violation of §…”
Culp v. State, 710 So. 2d 1357 (Ala. Crim. App. 1997). “, entered guilty pleas and were adjudged guilty of selling unregistered securities, a violation of § 8-6-4, Ala.Code 1975. In accordance with their plea agreements, the trial court found William Crocker Culp, Jr.”
Harris v. State, 27 So. 3d 582 (Ala. 2008). “” Section 8-6-4, Ala.Code 1975, provides: "It is unlawful for any person to offer or sell any security in this state unless: "(1) It is registered under this article; "(2) The security is exempt from registration under Section 8-6-10; or "(3) The transaction is exempt under…”
Mitchell v. State, 574 So. 2d 997 (Ala. Crim. App. 1990). “CC-88-7 charged Mitchell with offering and/or selling an investment contract entitled Southland, USA, Entertainment Pavilion, Joint Venture to Robert Lonier within Bibb County, which said security had not been registered and recorded in the register of the Alabama Securities…”
Lloyd v. Prof'l Realty Servs., Inc., 734 F.2d 1428 (11th Cir. 1984). “Failure to Comply With Registration Requirements Ala.Code § 8-6-4 (1977) renders it unlawful to offer or sell securities in' Alabama unless they are “registered” in accord with other provisions of the act or subject to various statutory exemptions.”
Foster v. Jesup & Lamont Sec. Co., 759 F.2d 838 (11th Cir. 1985). “Ala.Code § 8-6-4 (Michie 1984). . Id. at § 8-6-19.”
Deason v. State, 380 So. 2d 373 (Ala. Crim. App. 1980). “Deason was indicted by the grand jury for the offense of selling or offering to sell an unregistered security in violation of §§ 8-6-4 and 18, Code of Alabama 1975. Because of appellant’s claim of indigency, the trial court appointed counsel to represent appellant at trial.”
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