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https://law.justia.com/codes/alabama/title-19/chapter-3a/article-3/section-19-3a-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 3 - Apportionment at Beginning and End of Income Interest.›Section 19-3A-303 - Apportionment When Income Interest Ends. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 3 - Apportionment at Beginning and End of Income Interest. › Section 19-3A-303 - Apportionment When Income Interest Ends. | Section 19-3A-303
Apportionment when income interest ends.
(a) For the purposes of this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is requir... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-401 - Character of Receipts. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-401 - Character of Receipts. | Section 19-3A-401
Character of receipts.
(a) For purposes of this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a fiduciary has an interest other than (1) a trust or deceden... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-402 - Distributions From Trust or Decedent's Estate. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-402 - Distributions From Trust or Decedent's Estate. | Section 19-3A-402
Distributions from trust or decedent's estate.
A fiduciary shall allocate to income an amount received as a distribution of income from a trust or a decedent's estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distributio... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-403 - Business and Other Activities Conducted by Fiduciary. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-403 - Business and Other Activities Conducted by Fiduciary. | Section 19-3A-403
Business and other activities conducted by fiduciary.
(a) If a fiduciary who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or other activity instead of accounting for it as part of the trust's general ac... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-404 - Principal Receipts. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-404 - Principal Receipts. | Section 19-3A-404
Principal receipts.
A fiduciary shall allocate to principal:
(1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust o... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-405 - Rental Property. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-405 - Rental Property. | Section 19-3A-405
Rental property.
To the extent the fiduciary does not account for receipts from rental property pursuant to Section 19-3A-403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-406 - Bonds and Other Obligations. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-406 - Bonds and Other Obligations. | Section 19-3A-406
Bonds and other obligations.
(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on a bond or an obligation to pay money to the fiduciary shall be allocated to income.
(b) Except as provided for in subsection (c) and subsection (d), a fiduciary shall allocate... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-407 - Insurance Policies and Similar Contracts. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-407 - Insurance Policies and Similar Contracts. | Section 19-3A-407
Insurance policies and similar contracts.
(a) Except as otherwise provided in subsection (b), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its fiduciary is named as beneficiary, including a contract that insures the trust or it... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-408/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-408 - Insubstantial Allocations Not Required. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-408 - Insubstantial Allocations Not Required. | Section 19-3A-408
Insubstantial allocations not required.
(a) If a fiduciary determines that an allocation between principal and income required by Section 19-3A-409, Section 19-3A-410, Section 19-3A-411, Section 19-3A-412, or Section 19-3A-415 is insubstantial, then the fiduciary may allocate the entire amount to prin... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-409/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-409 - Deferred Compensation, Annuities, and Similar Payments. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-409 - Deferred Compensation, Annuities, and Similar Payments. | Section 19-3A-409
Deferred compensation, annuities, and similar payments.
(a) In this section:
(1) "Payment" means a payment that a fiduciary may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future pa... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-410/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-410 - Liquidating Assets. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-410 - Liquidating Assets. | Section 19-3A-410
Liquidating assets.
(a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments under an... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-411/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-411 - Minerals, Water, and Other Natural Resources. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-411 - Minerals, Water, and Other Natural Resources. | Section 19-3A-411
Minerals, water, and other natural resources.
(a) To the extent that a fiduciary accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the fiduciary shall allocate them as follows:
(1) If received as nominal delay rental or nominal annual rent on a lea... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-412/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-412 - Timber. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-412 - Timber. | Section 19-3A-412
Timber.
(a) To the extent that a fiduciary accounts for receipts from the sale of timber and related products pursuant to this section, the fiduciary shall allocate the net receipts first to principal, based upon the volume of the timber at the time of transfer to the trust or decedent's estate. The b... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-413/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-413 - Property Not Productive of Income. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-413 - Property Not Productive of Income. | Section 19-3A-413
Property not productive of income.
(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the fiduciary transfers from principal to ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-415/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-415 - Asset-Backed Securities. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-415 - Asset-Backed Securities. | Section 19-3A-415
Asset-backed securities.
(a) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-4/section-19-3a-414/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 4 - Allocation of Receipts During Administration.›Section 19-3A-414 - Derivative Instruments and Options. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 4 - Allocation of Receipts During Administration. › Section 19-3A-414 - Derivative Instruments and Options. | Section 19-3A-414
Derivative instruments and options.
(a) In this section, "derivative instrument" means a contract, a financial instrument, or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-501 - Disbursements From Income. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-501 - Disbursements From Income. | Section 19-3A-501
Disbursements from income.
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which Section 19-3A-201(c)(2) or Section 19-3A-201(c)(3) applies:
(a) All of the regular compensation of the trustee and of any person providing investment advisory ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-502 - Disbursements From Principal. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-502 - Disbursements From Principal. | Section 19-3A-502
Disbursements from principal.
(a) A trustee shall make the following disbursements from principal:
(1) An amount, not to exceed fifty percent (50%), of the disbursements described in Section 19-3A-501(a) and Section 19-3A-501(b);
(2) All of the trustee's compensation calculated on principal as a fee f... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-503 - Transfers From Income to Principal for Depreciation... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-503 - Transfers From Income to Principal for Depreciation. | Section 19-3A-503
Transfers from income to principal for depreciation.
(a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.
(b) A fiduciary may transfer from income to principal a reasonab... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-504 - Transfers From Income to Reimburse Principal. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-504 - Transfers From Income to Reimburse Principal. | Section 19-3A-504
Transfers from income to reimburse principal.
(a) If a fiduciary makes or expects to make a principal disbursement described in this section, then the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-505 - Income Taxes. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-505 - Income Taxes. | Section 19-3A-505
Income taxes.
(a) A tax required to be paid by a fiduciary based on receipts allocated to income shall be paid from income.
(b) A tax required to be paid by a fiduciary based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authorit... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-5/section-19-3a-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.›Section 19-3A-506 - Adjustments Between Principal and Income Because of... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate. › Section 19-3A-506 - Adjustments Between Principal and Income Because of Taxes. | Section 19-3A-506
Adjustments between principal and income because of taxes.
(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from any of the following:
(1) Elections and de... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-601 - Uniformity of Application and Construction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-601 - Uniformity of Application and Construction. | Section 19-3A-601
Uniformity of application and construction.
In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
(Act 2000-675, p. 1343, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-602/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-602 - Severability Clause. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-602 - Severability Clause. | Section 19-3A-602
Severability clause.
If any provision of this chapter or its application to any person or circumstance is held invalid, then the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provis... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-603/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-603 - Effective Date. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-603 - Effective Date. | Section 19-3A-603
Effective date.
This chapter shall become effective on January 1, 2001, and shall apply to every trust and decedent's estate created on or after such date.
(Act 2000-675, p. 1343, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-604/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-604 - Application to Existing Trusts and Estates. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-604 - Application to Existing Trusts and Estates. | Section 19-3A-604
Application to existing trusts and estates.
This chapter shall become applicable on January 1, 2001, to every trust and decedent's estate already in existence on January 1, 2001, and to every testamentary trust to be created on or after January 1, 2001, from a decedent's estate that is already in exis... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-605/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-605 - Consent of Beneficiaries. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-605 - Consent of Beneficiaries. | Section 19-3A-605
Consent of beneficiaries.
A fiduciary may at any time obtain the written consent of all of the current income beneficiaries and presumptive remainder beneficiaries of a trust or decedent's estate as to the fiduciary's exercise of any discretion granted under this chapter, including the application of ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-606/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-606 - Applicability to Tenant and Remainder Interests. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-606 - Applicability to Tenant and Remainder Interests. | Section 19-3A-606
Applicability to tenant and remainder interests.
This chapter shall govern the ascertainment of income and principal, and the apportionment of receipts and disbursements between tenant and remainderman, in all cases where a principal has been established with or, unless otherwise stated in this chapte... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-607/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-607 - Applicability of Section 19-3a-409. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-607 - Applicability of Section 19-3a-409. | Section 19-3A-607
Applicability of Section 19-3A-409.
Section 19-3A-409, as amended by Act 2012-550, applies to a trust described in Section 19-3A-409(d) on and after the following dates:
(1) If the trust is not funded as of January 1, 2013, the date of the decedent's death.
(2) If the trust is initially funded in the ... |
https://law.justia.com/codes/alabama/title-19/chapter-3a/article-6/section-19-3a-608/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3A - Alabama Principal and Income Act.›Article 6 - Miscellaneous Provisions.›Section 19-3A-608 - Application of Alabama Uniform Trust Code. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3A - Alabama Principal and Income Act. › Article 6 - Miscellaneous Provisions. › Section 19-3A-608 - Application of Alabama Uniform Trust Code. | Section 19-3A-608
Application of Alabama Uniform Trust Code.
The provisions of the Alabama Uniform Trust Code apply to the Alabama Principal and Income Act, except to the extent the provisions are inconsistent with the provisions of this chapter.
(Act 2013-336, p. 1179, §2.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-101 - Short Title. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-101 - Short Title. | Section 19-3B-101
Short title.
This chapter may be cited as the Alabama Uniform Trust Code.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-102 - Scope. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-102 - Scope. | Section 19-3B-102
Scope.
This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-103 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-103 - Definitions. | Section 19-3B-103
Definitions.
In this chapter:
(1) ACTION, with respect to an act of a trustee, includes a failure to act.
(2) ASCERTAINABLE STANDARD means a standard relating to an individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-104 - Knowledge. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-104 - Knowledge. | Section 19-3B-104
Knowledge.
(a) Subject to subsection (b), a person has knowledge of a fact if the person:
(1) has actual knowledge of it;
(2) has received a notice or notification of it; or
(3) from all the facts and circumstances known to the person at the time in question, has reason to know it.
(b) An organization... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-105 - Default and Mandatory Rules. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-105 - Default and Mandatory Rules. | Section 19-3B-105
Default and mandatory rules.
(a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
(b) The terms of a trust prevail over any provision of this chapter except:
(1) the... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-106 - Common Law of Trusts; Principles of Equity. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-106 - Common Law of Trusts; Principles of Equity. | Section 19-3B-106
Common law of trusts; principles of equity.
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-107 - Governing Law. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-107 - Governing Law. | Section 19-3B-107
Governing law.
The meaning and effect of the terms of a trust are determined by:
(1) the law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-108 - Principal Place of Administration. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-108 - Principal Place of Administration. | Section 19-3B-108
Principal place of administration.
(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:
(1) a trustee's principal place of business is located in or... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-109 - Methods and Waiver of Notice. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-109 - Methods and Waiver of Notice. | Section 19-3B-109
Methods and waiver of notice.
(a) Notice to a person under this chapter or the transmission of information to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or information. Permissible methods of no... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-110 - Others Treated as Qualified Beneficiaries. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-110 - Others Treated as Qualified Beneficiaries. | Section 19-3B-110
Others treated as qualified beneficiaries.
(a) Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee must also give notice to any other beneficiary who has sent the trustee a request for notice.
(b) A charitable organization expressly designated to receive d... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-111 - Nonjudicial Settlement Agreements. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-111 - Nonjudicial Settlement Agreements. | Section 19-3B-111
Nonjudicial settlement agreements.
(a) For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
(b) Except as otherwise provided in subsection (c), interested persons may e... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-112/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-112 - Rules of Construction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-112 - Rules of Construction. | Section 19-3B-112
Rules of construction.
Except as otherwise provided in this chapter, the rules of construction under Title 43, Chapter 8, Article 8, and the miscellaneous provisions of Article 9 that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the inte... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-201/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-201 - Role of Court in Administration of Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-201 - Role of Court in Administration of Trust. | Section 19-3B-201
Role of court in administration of trust.
(a) The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law.
(b) A trust is not subject to continuing judicial supervision unless ordered by the court.
(c) A judicial proc... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-202/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-202 - Jurisdiction Over Trustee and Beneficiary. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-202 - Jurisdiction Over Trustee and Beneficiary. | Section 19-3B-202
Jurisdiction over trustee and beneficiary.
(a) A trustee submits personally to the jurisdiction of the courts of this state regarding any matter involving a trust:
(1) by accepting the trusteeship of a trust whose settlor was a resident of this state at the time of the trust's creation, or in the case... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-203/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-203 - Subject Matter Jurisdiction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-203 - Subject Matter Jurisdiction. | Section 19-3B-203
Subject matter jurisdiction.
(a) Except as provided in subsection (b), the circuit court has exclusive jurisdiction of proceedings in this state brought by a trustee or beneficiary concerning the administration of a trust.
(b) A probate court granted statutory equitable jurisdiction has concurrent jur... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-204/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-204 - Venue. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-204 - Venue. | Section 19-3B-204
Venue.
(a) Except as otherwise provided in subsection (b), venue for actions and proceedings involving a trust is proper (i) in any county where venue is proper for civil actions generally, pursuant to Title 6, Chapter 3; (ii) in the county of this state where the trust has its principal place of admi... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-205/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-205 - Judicial Accountings and Settlements. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-205 - Judicial Accountings and Settlements. | Section 19-3B-205
Judicial accountings and settlements.
(a) A trustee may file an accounting of the trustee's administration of a trust in court at any time and seek a partial or final settlement thereof or, upon petition of an interested party, a court may order a trustee to render an accounting of the trustee's admin... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-301/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-301 - Representation: Basic Effect. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-301 - Representation: Basic Effect. | Section 19-3B-301
Representation: Basic effect.
(a) Notice to a person who may represent and bind another person under this article has the same effect as if notice were given directly to the other person.
(b) The consent of a person who may represent and bind another person under this article is binding on the person ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-302/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-302 - Representation by Holder of Power of Appointment. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-302 - Representation by Holder of Power of Appointment. | Section 19-3B-302
Representation by holder of power of appointment.
(a) The holder of a lifetime power to appoint to oneself may represent and bind all persons whose interests are subject to the power, including but without limitation, permissible appointees and takers in default.
(b) To the extent that there is no con... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-303/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-303 - Representation by Fiduciaries and Ancestors. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-303 - Representation by Fiduciaries and Ancestors. | Section 19-3B-303
Representation by fiduciaries and ancestors.
To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute:
(1) a conservator may represent and bind the estate that the conservator ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-304/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-304 - Representation by Person Having Substantially Identical Interest. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-304 - Representation by Person Having Substantially Identical Interest. | Section 19-3B-304
Representation by person having substantially identical interest.
(a) Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another having a substantially identi... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-305/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-305 - Appointment of Representative. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-305 - Appointment of Representative. | Section 19-3B-305
Appointment of representative.
(a) If the court determines that an interest is not represented under this article, or that the otherwise available representation might be inadequate, then the court may appoint a guardian ad litem or other representative to receive notice, give consent, and otherwise r... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-401/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-401 - Methods of Creating Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-401 - Methods of Creating Trust. | Section 19-3B-401
Methods of creating trust.
A trust may be created by:
(1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;
(2) declaration by the owner of property that the owner holds identifiable property as trust... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-402/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-402 - Requirements for Creation. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-402 - Requirements for Creation. | Section 19-3B-402
Requirements for creation.
(a) A trust is created only if:
(1) the settlor has capacity to create a trust;
(2) the settlor indicates an intention to create the trust;
(3) the trust has a definite beneficiary or is:
(A) a charitable trust;
(B) a trust for the care of an animal, as provided in Section 1... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-403/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-403 - Trusts Created in Other Jurisdictions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-403 - Trusts Created in Other Jurisdictions. | Section 19-3B-403
Trusts created in other jurisdictions.
A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation:
(1) the settlor was domiciled, had a place of ab... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-404/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-404 - Trust Purposes. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-404 - Trust Purposes. | Section 19-3B-404
Trust purposes.
A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-405/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-405 - Charitable Purposes; Enforcement. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-405 - Charitable Purposes; Enforcement. | Section 19-3B-405
Charitable purposes; enforcement.
(a) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community.
(b) If the terms of a cha... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-406/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-406 - Creation of Trust Induced by Fraud, Duress, or Undue Influence. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-406 - Creation of Trust Induced by Fraud, Duress, or Undue Influence. | Section 19-3B-406
Creation of trust induced by fraud, duress, or undue influence.
A trust is void to the extent its creation was induced by fraud, duress, or undue influence.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-407/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-407 - Evidence of Oral Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-407 - Evidence of Oral Trust. | Section 19-3B-407
Evidence of oral trust.
Except as required by a statute other than this chapter, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-408/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-408 - Trust for Care of Animal. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-408 - Trust for Care of Animal. | Section 19-3B-408
Trust for care of animal.
(a) A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor's lifetime, upon the de... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-409/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-409 - Noncharitable Trust Without Ascertainable Beneficiary. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-409 - Noncharitable Trust Without Ascertainable Beneficiary. | Section 19-3B-409
Noncharitable trust without ascertainable beneficiary.
Except as otherwise provided in Section 19-3B-408 or by another statute, the following rules apply:
(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherw... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-410/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-410 - Modification or Termination of Trust; Proceedings for Approval or Disapproval. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-410 - Modification or Termination of Trust; Proceedings for Approval or Disapproval. | Section 19-3B-410
Modification or termination of trust; proceedings for approval or disapproval.
(a) In addition to the methods of termination prescribed by Sections 19-3B-411 through 19-3B-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-411/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-411 - Modification or Termination of Noncharitable Irrevocable Trust by Consent. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-411 - Modification or Termination of Noncharitable Irrevocable Trust by Consent. | Section 19-3B-411
Modification or termination of noncharitable irrevocable trust by consent.
(a) If, upon petition, the court finds that the settlor and all beneficiaries consent to the modification or termination of an irrevocable trust, the court shall enter an order approving the modification or termination even if ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-412/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-412 - Modification or Termination Because of Unanticipated Circumstances or Inability... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-412 - Modification or Termination Because of Unanticipated Circumstances or Inability to Administer Trust Effectively. | Section 19-3B-412
Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
(a) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination w... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-413/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-413 - Cy Pres. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-413 - Cy Pres. | Section 19-3B-413
Cy pres.
(a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
(1) the trust does not fail, in whole or in part;
(2) the trust property does not revert to the settlor or the settlor's successors in in... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-414/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-414 - Modification or Termination of Uneconomic Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-414 - Modification or Termination of Uneconomic Trust. | Section 19-3B-414
Modification or termination of uneconomic trust.
(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-415/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-415 - Reformation to Correct Mistakes. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-415 - Reformation to Correct Mistakes. | Section 19-3B-415
Reformation to correct mistakes.
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-416/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-416 - Modification to Achieve Settlor's Tax Objectives. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-416 - Modification to Achieve Settlor's Tax Objectives. | Section 19-3B-416
Modification to achieve settlor's tax objectives.
To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-417/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-417 - Combination and Division of Trusts. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-417 - Combination and Division of Trusts. | Section 19-3B-417
Combination and division of trusts.
After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of t... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-501/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-501 - Rights of Beneficiary's Creditor or Assignee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-501 - Rights of Beneficiary's Creditor or Assignee. | Section 19-3B-501
Rights of beneficiary's creditor or assignee.
To the extent a beneficiary's interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit o... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-502/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-502 - Spendthrift Provision. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-502 - Spendthrift Provision. | Section 19-3B-502
Spendthrift provision.
(a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
(b) A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient t... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-503/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-503 - Exceptions to Spendthrift Provision. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-503 - Exceptions to Spendthrift Provision. | Section 19-3B-503
Exceptions to spendthrift provision.
(a) In this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state.
(b) A spendthrift provision is unenforceable against:
(1) a beneficiary's child, spouse, or former spouse who has a judgment ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-504/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-504 - Discretionary Trusts; Effect of Standard. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-504 - Discretionary Trusts; Effect of Standard. | Section 19-3B-504
Discretionary trusts; effect of standard.
(a) In this section, the terms "child", "spouse", or "former spouse" include any person for whom an order or judgment for child or spousal support has been entered in this or another state.
(b) Except as otherwise provided in subsection (c), whether or not a t... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-505/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-505 - Creditor's Claim Against Settlor. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-505 - Creditor's Claim Against Settlor. | Section 19-3B-505
Creditor's claim against settlor.
(a) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:
(1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors.
(2) With respect to an irrevocable trust, a c... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-506/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-506 - Overdue Distribution. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-506 - Overdue Distribution. | Section 19-3B-506
Overdue distribution.
(a) In this section, "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term excludes a distribution subject to the ex... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-507/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-507 - Personal Obligations of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-507 - Personal Obligations of Trustee. | Section 19-3B-507
Personal obligations of trustee.
Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-508/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-508 - Qualified Trusts Under the Internal Revenue Code. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-508 - Qualified Trusts Under the Internal Revenue Code. | Section 19-3B-508
Qualified trusts under the Internal Revenue Code.
(a) As used in this section:
(1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term inclu... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-601/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-601 - Capacity of Settlor of Revocable Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-601 - Capacity of Settlor of Revocable Trust. | Section 19-3B-601
Capacity of settlor of revocable trust.
The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-602/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-602 - Revocation or Amendment of Revocable Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-602 - Revocation or Amendment of Revocable Trust. | Section 19-3B-602
Revocation or amendment of revocable trust.
(a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before January 1, 2007.
(b) If a revocable trust is cre... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-603/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-603 - Settlor's Powers; Powers of Withdrawal. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-603 - Settlor's Powers; Powers of Withdrawal. | Section 19-3B-603
Settlor's powers; powers of withdrawal.
(a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-604/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-604 - Limitation on Action Contesting Validity of Revocable Trust; Distribution of Tru... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-604 - Limitation on Action Contesting Validity of Revocable Trust; Distribution of Trust Property. | Section 19-3B-604
Limitation on action contesting validity of revocable trust; distribution of trust property.
(a) A person may commence a judicial proceeding to contest the validity of all or part of the terms of a trust that was revocable at the settlor's death within the earlier of:
(1) two years after the settlor's... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-701/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-701 - Accepting or Declining Trusteeship. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-701 - Accepting or Declining Trusteeship. | Section 19-3B-701
Accepting or declining trusteeship.
(a) Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:
(1) by substantially complying with a method of acceptance provided in the terms of the trust; or
(2) if the terms of the trust do not provide a method or the... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-702/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-702 - Trustee's Bond. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-702 - Trustee's Bond. | Section 19-3B-702
Trustee's bond.
(a) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b) The court may speci... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-703/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-703 - Co-Trustees. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-703 - Co-Trustees. | Section 19-3B-703
Co-trustees.
(a) Co-trustees who are unable to reach a unanimous decision after consultation among all the co-trustees may act by majority decision.
(b) If a vacancy occurs in a co-trusteeship, then the remaining co-trustees may act for the trust.
(c) A co-trustee must participate in the performance o... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-704/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-704 - Vacancy in Trusteeship; Appointment of Successor. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-704 - Vacancy in Trusteeship; Appointment of Successor. | Section 19-3B-704
Vacancy in trusteeship; appointment of successor.
(a) A vacancy in a trusteeship occurs if:
(1) a person designated as trustee rejects the trusteeship;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trus... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-705/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-705 - Resignation of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-705 - Resignation of Trustee. | Section 19-3B-705
Resignation of trustee.
(a) A trustee may resign:
(1) upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or
(2) with the approval of the court.
(b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-706/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-706 - Removal of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-706 - Removal of Trustee. | Section 19-3B-706
Removal of trustee.
(a) The settlor, a co-trustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.
(b) The court may remove a trustee if:
(1) the trustee has committed a serious breach of trust;
(2) lack of cooperation among c... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-707/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-707 - Delivery of Property by Former Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-707 - Delivery of Property by Former Trustee. | Section 19-3B-707
Delivery of property by former trustee.
(a) Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has:
(1) the duties of a trustee; and
(2) the pow... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-708/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-708 - Compensation of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-708 - Compensation of Trustee. | Section 19-3B-708
Compensation of trustee.
(a) If the terms of a trust do not specify the trustee's compensation, then a trustee is entitled to compensation that is reasonable under the circumstances.
(b) If the terms of a trust specify the trustee's compensation, the trustee has entered into a written fee agreement wi... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-709/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-709 - Reimbursement of Expenses. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-709 - Reimbursement of Expenses. | Section 19-3B-709
Reimbursement of expenses.
(a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate for:
(1) expenses that were properly incurred in the administration of the trust, including the defense or prosecution of any action, whether successful or not, unless the trus... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-801/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-801 - Duty to Administer Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-801 - Duty to Administer Trust. | Section 19-3B-801
Duty to administer trust.
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with the terms of the trust and its purposes and the interests of the beneficiaries, and in accordance with this chapter.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-802/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-802 - Duty of Loyalty. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-802 - Duty of Loyalty. | Section 19-3B-802
Duty of loyalty.
(a) A trustee shall administer the trust solely in the interests of the beneficiaries.
(b) Subject to the rights of persons dealing with or assisting the trustee as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the investment or management of trus... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-803/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-803 - Impartiality. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-803 - Impartiality. | Section 19-3B-803
Impartiality.
If a trust has two or more beneficiaries, then the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests and the purposes of the trust.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-804/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-804 - Prudent Administration. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-804 - Prudent Administration. | Section 19-3B-804
Prudent administration.
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
(Act 2006-216, p. ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-805/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-805 - Costs of Administration. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-805 - Costs of Administration. | Section 19-3B-805
Costs of administration.
In administering a trust, the trustee may incur costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-806/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-806 - Trustee's Skills. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-806 - Trustee's Skills. | Section 19-3B-806
Trustee's skills.
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-807/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-807 - Delegation by Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-807 - Delegation by Trustee. | Section 19-3B-807
Delegation by trustee.
(a) A trustee may delegate duties and powers that a prudent trustee could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-808/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-808 - Powers to Direct. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-808 - Powers to Direct. | Section 19-3B-808
Powers to direct.
(a) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
(b) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, then the trustee ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-809/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-809 - Control and Protection of Trust Property. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-809 - Control and Protection of Trust Property. | Section 19-3B-809
Control and protection of trust property.
A trustee shall take reasonable steps to take control of and protect the trust property.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-810/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3B - Alabama Uniform Trust Code.›Section 19-3B-810 - Recordkeeping and Identification of Trust Property. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-810 - Recordkeeping and Identification of Trust Property. | Section 19-3B-810
Recordkeeping and identification of trust property.
(a) A trustee shall keep adequate records of the administration of the trust.
(b) A trustee shall keep trust property separate from the trustee's own property.
(c) Except as otherwise provided in subsection (d), a trustee shall cause the trust proper... |
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