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.
Alabama Legal Code
Section 8-6-4 - Registration of Securities - Required; Exceptions
Source: https://alison.legislature.state.al.us/code-of-alabama?section=8-6-4· Version 2026