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https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-811/ | 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-811 - Enforcement and Defense of Claims. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-811 - Enforcement and Defense of Claims. | Section 19-3B-811
Enforcement and defense of claims.
A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-812/ | 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-812 - Collecting Trust Property. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-812 - Collecting Trust Property. | Section 19-3B-812
Collecting trust property.
A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a former trustee.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-813/ | 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-813 - Duty to Inform and Report. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-813 - Duty to Inform and Report. | Section 19-3B-813
Duty to inform and report.
(a) Except as otherwise provided in Section 19-3B-603, the following rules apply:
(1) A trustee shall keep the current permissible distributees of income or principal of the trust reasonably informed about the administration of the trust and of the material facts necessary f... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-814/ | 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-814 - Discretionary Powers; Tax Savings. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-814 - Discretionary Powers; Tax Savings. | Section 19-3B-814
Discretionary powers; tax savings.
(a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole," or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-815/ | 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-815 - General Powers of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-815 - General Powers of Trustee. | Section 19-3B-815
General powers of trustee.
(a) A trustee, without authorization by the court, may exercise:
(1) powers conferred by the terms of the trust; and
(2) except as limited by the terms of the trust:
(A) all powers over the trust property which an unmarried competent owner has over individually owned propert... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-816/ | 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-816 - Specific Powers of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-816 - Specific Powers of Trustee. | Section 19-3B-816
Specific powers of trustee.
(a) Without limiting the authority conferred by Section 19-3B-815, a trustee may:
(1) collect trust property and accept or reject additions to the trust property from a settlor or any other person, including, but not being limited to, the authority to receive, collect, hold... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-817/ | 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-817 - Distribution Upon Termination. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-817 - Distribution Upon Termination. | Section 19-3B-817
Distribution upon termination.
(a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection wi... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-818/ | 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-818 - Life Insurance Policies Held by Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-818 - Life Insurance Policies Held by Trustee. | Section 19-3B-818
Life insurance policies held by trustee.
A trustee may retain any life insurance policy contributed to a trust by a settlor, or purchased by the trustee upon the request of the settlor, as an asset of the trust without regard to any lack of diversification caused thereby and without regard to the term... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-901/ | 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-901 - Prudent Investor Rule. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-901 - Prudent Investor Rule. | Section 19-3B-901
Prudent investor rule.
(a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article.
(b) The prudent investor rule, a default rule, may be expanded, re... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-902/ | 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-902 - Standard of Care; Portfolio Strategy; Risk and Return Objectives. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-902 - Standard of Care; Portfolio Strategy; Risk and Return Objectives. | Section 19-3B-902
Standard of care; portfolio strategy; risk and return objectives.
(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-903/ | 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-903 - Diversification. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-903 - Diversification. | Section 19-3B-903
Diversification.
(a) A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
(b) In the absence of an express provision to the contrary in the terms of the ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-904/ | 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-904 - Duties at Inception of Trusteeship. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-904 - Duties at Inception of Trusteeship. | Section 19-3B-904
Duties at inception of trusteeship.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-905/ | 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-905 - Reviewing Compliance. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-905 - Reviewing Compliance. | Section 19-3B-905
Reviewing compliance.
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight. The prudent investor rule does not guarantee a specific outcome or performance, but is a standard of conduc... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-906/ | 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-906 - Language Invoking Standard of Prudent Investor Rule. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-906 - Language Invoking Standard of Prudent Investor Rule. | Section 19-3B-906
Language invoking standard of prudent investor rule.
The following terms or comparable language in the terms of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal inve... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1001/ | 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-1001 - Remedies for Breach of Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1001 - Remedies for Breach of Trust. | Section 19-3B-1001
Remedies for breach of trust.
(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
(b) To remedy a breach of trust that has occurred or may occur, the court may:
(1) compel the trustee to perform the trustee's duties;
(2) enjoin the trustee from committing a ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1002/ | 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-1002 - Damages for Breach of Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1002 - Damages for Breach of Trust. | Section 19-3B-1002
Damages for breach of trust.
(a) A trustee who commits a breach of trust is liable to the beneficiaries affected for:
(1) the greater of:
(i) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or
(ii) the pr... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1003/ | 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-1003 - Damages in Absence of Breach. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1003 - Damages in Absence of Breach. | Section 19-3B-1003
Damages in absence of breach.
(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.
(b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in th... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1005/ | 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-1005 - Limitation of Action Against Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1005 - Limitation of Action Against Trustee. | Section 19-3B-1005
Limitation of action against trustee.
(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for brea... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1006/ | 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-1006 - Reliance on Trust Instrument. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1006 - Reliance on Trust Instrument. | Section 19-3B-1006
Reliance on trust instrument.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1007/ | 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-1007 - Event Affecting Administration or Distribution. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1007 - Event Affecting Administration or Distribution. | Section 19-3B-1007
Event affecting administration or distribution.
If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, then a trustee who has exercised reasonable care to ascertain the happening of the event... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1008/ | 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-1008 - Exculpation of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1008 - Exculpation of Trustee. | Section 19-3B-1008
Exculpation of trustee.
(a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:
(1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of th... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1009/ | 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-1009 - Beneficiary's Consent, Release, or Ratification. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1009 - Beneficiary's Consent, Release, or Ratification. | Section 19-3B-1009
Beneficiary's consent, release, or ratification.
A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:
(1) the c... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1010/ | 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-1010 - Limitation on Personal Liability of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1010 - Limitation on Personal Liability of Trustee. | Section 19-3B-1010
Limitation on personal liability of trustee.
(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary cap... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1011/ | 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-1011 - Interest as General Partner. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1011 - Interest as General Partner. | Section 19-3B-1011
Interest as general partner.
(a) Except as otherwise provided in subsection (c) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership afte... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1012/ | 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-1012 - Protection of Person Dealing With Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1012 - Protection of Person Dealing With Trustee. | Section 19-3B-1012
Protection of person dealing with trustee.
(a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as i... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1013/ | 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-1013 - Certification of Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1013 - Certification of Trust. | Section 19-3B-1013
Certification of trust.
(a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:
(1) that the trust exists and the date the trust instrument was executed;
(2) the... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1101/ | 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-1101 - Protection of Special Needs Trusts and Other Similar Trusts for Disabled Person... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1101 - Protection of Special Needs Trusts and Other Similar Trusts for Disabled Persons. | Section 19-3B-1101
Protection of special needs trusts and other similar trusts for disabled persons.
Notwithstanding the provisions of this chapter that may otherwise be applicable to a trust, no provision thereof shall apply to any special needs trust, supplemental needs trust, or other similar trust established for a... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1201/ | 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-1201 - Uniformity of Application and Construction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1201 - Uniformity of Application and Construction. | Section 19-3B-1201
Uniformity of application and construction.
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
(Act 2006-216, p. 314, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1202/ | 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-1202 - Electronic Records and Signatures. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1202 - Electronic Records and Signatures. | Section 19-3B-1202
Electronic records and signatures.
The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1203/ | 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-1203 - Severability Clause. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1203 - Severability Clause. | Section 19-3B-1203
Severability clause.
If any provision of this chapter or its application to any person or circumstances is held invalid, then the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the pro... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1204/ | 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-1204 - Application to Existing Relationships. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1204 - Application to Existing Relationships. | Section 19-3B-1204
Application to existing relationships.
(a) Except as otherwise provided in this chapter, on January 1, 2007:
(1) this chapter applies to all trusts created before, on, or after January 1, 2007;
(2) this chapter applies to all judicial proceedings concerning trusts commenced on or after January 1, 200... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1301/ | 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-1301 - Trust Concerning Lands Required to Be in Writing. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1301 - Trust Concerning Lands Required to Be in Writing. | Section 19-3B-1301
Trust concerning lands required to be in writing.
No trust concerning lands, except such as results by implication or construction of law, or which may be transferred or extinguished by operation of law, can be created, unless by instrument in writing, signed by the party creating or declaring the sa... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1302/ | 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-1302 - Trust Void as to Creditors or Purchasers Without Notice. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1302 - Trust Void as to Creditors or Purchasers Without Notice. | Section 19-3B-1302
Trust void as to creditors or purchasers without notice.
No such trusts, whether implied by law or created or declared by the parties, can defeat the title of creditors or purchasers for a valuable consideration without notice.
(Code 1852, §1321; Code 1867, §1591; Code 1876, §2200; Code 1886, §1846; ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1303/ | 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-1303 - Trust Estate Not Descendible Upon Death of Trustee. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1303 - Trust Estate Not Descendible Upon Death of Trustee. | Section 19-3B-1303
Trust estate not descendible upon death of trustee.
Upon the death of a sole or surviving trustee of an express trust, the trust estate does not descend to his or her heirs or pass to his or her personal representatives.
(Code 1852, §1323; Code 1867, §1593; Code 1876, §2202; Code 1886, §1848; Code 18... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1304/ | 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-1304 - Trusts for Employees or Self-Employed Persons. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1304 - Trusts for Employees or Self-Employed Persons. | Section 19-3B-1304
Trusts for employees or self-employed persons.
(a) A trust of real or personal property or real and personal property combined:
(1) which is created by an employer as part of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan, for the exclusive benefit of some ... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1305/ | 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-1305 - Trusts Consisting of Insurance Policies or Proceeds. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1305 - Trusts Consisting of Insurance Policies or Proceeds. | Section 19-3B-1305
Trusts consisting of insurance policies or proceeds.
Trusts consisting solely of policies of life, health, accident, or disability insurance, or of the proceeds or avails thereof, shall for the purpose of determining whether any law against perpetuities or suspension of the power of alienation of tit... |
https://law.justia.com/codes/alabama/title-19/chapter-3b/section-19-3b-1306/ | 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-1306 - Procedures for Release of Trustee From Duties. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3B - Alabama Uniform Trust Code. › Section 19-3B-1306 - Procedures for Release of Trustee From Duties. | Section 19-3B-1306
Procedures for release of trustee from duties.
(a) A trustee may obtain a settlement of its accounts in accordance with subsection (b) when any of the following occur:
(1) A trust terminates pursuant to the terms of the trust.
(2) A trust terminates early pursuant to Section 19-3B-414.
(3) A trustee ... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-1 - Short Title. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-1 - Short Title. | Section 19-3C-1
Short title.
This chapter may be cited as the Alabama Uniform Prudent Management of Institutional Funds Act.
(Act 2008-276, p. 434, §2.) |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-2 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-2 - Definitions. | Section 19-3C-2
Definitions.
In this chapter:
(1) CHARITABLE PURPOSE means 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.
(2) ENDOWMENT FUND means an institutional fu... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-3 - Standard of Conduct in Managing and Investing Institutional Funds. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-3 - Standard of Conduct in Managing and Investing Institutional Funds. | Section 19-3C-3
Standard of conduct in managing and investing institutional funds.
(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
(... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-4 - Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construc... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-4 - Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction. | Section 19-3C-4
Appropriation for expenditure or accumulation of endowment fund; rules of construction.
(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, ... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-5 - Delegation of Management and Investment Functions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-5 - Delegation of Management and Investment Functions. | Section 19-3C-5
Delegation of management and investment functions.
(a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prud... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-6 - Release or Modification of Restrictions on Management, Investment, or Purpose. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-6 - Release or Modification of Restrictions on Management, Investment, or Purpose. | Section 19-3C-6
Release or modification of restrictions on management, investment, or purpose.
(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or m... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-7 - Reviewing Compliance. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-7 - Reviewing Compliance. | Section 19-3C-7
Reviewing compliance.
Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
(Act 2008-276, p. 434, §2.) |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-8 - Application to Existing Institutional Funds. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-8 - Application to Existing Institutional Funds. | Section 19-3C-8
Application to existing institutional funds.
This chapter applies to institutional funds existing on or established after January 1, 2009. As applied to institutional funds existing on January 1, 2009, this chapter governs only decisions made or actions taken on or after that date.
(Act 2008-276, p. 434... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-9 - Relation to Electronic Signatures in Global and National Commerce Act. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-9 - Relation to Electronic Signatures in Global and National Commerce Act. | Section 19-3C-9
Relation to Electronic Signatures in Global and National Commerce Act.
This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a),... |
https://law.justia.com/codes/alabama/title-19/chapter-3c/section-19-3c-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.›Section 19-3C-10 - Uniformity of Application and Construction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act. › Section 19-3C-10 - Uniformity of Application and Construction. | Section 19-3C-10
Uniformity of application and construction.
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
(Act 2008-276, p. 434, §2.) |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-1 - Short Title. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-1 - Short Title. | Section 19-3D-1
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
SHORT TITLE. This chapter may be cited as the Alabama Uniform Trust Decanting Act.
(Act 2018-519, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-2 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-2 - Definitions. | Section 19-3D-2
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
DEFINITIONS. In this chapter the following terms have the following meanings:
(1) APPOINTIVE PROPERTY. The property or property interest subject to a pow... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-3 - Scope. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-3 - Scope. | Section 19-3D-3
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
SCOPE.
(a) Except as otherwise provided in subsections (b) and (c), this chapter applies to an express trust that is irrevocable, or revocable by the set... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-4 - Fiduciary Duty. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-4 - Fiduciary Duty. | Section 19-3D-4
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
FIDUCIARY DUTY.
(a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to a... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-5 - Application; Governing Law. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-5 - Application; Governing Law. | Section 19-3D-5
Application; governing law.
This chapter applies to a trust created before, on, or after January 1, 2019, which:
(1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or
(2) provides by its trust instrument ... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-6 - Reasonable Reliance. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-6 - Reasonable Reliance. | Section 19-3D-6
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
REASONABLE RELIANCE. A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to anot... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-7 - Notice; Exercise of Decanting Power. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-7 - Notice; Exercise of Decanting Power. | Section 19-3D-7
Notice; exercise of decanting power.
(a) In this section, a notice period begins on the day notice is given under subsection (c) and ends 59 days after the day notice is given.
(b) Except as otherwise provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent ... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-8 - Representation. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-8 - Representation. | Section 19-3D-8
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
REPRESENTATION.
(a) Notice to a person with authority to represent and bind another person under a first-trust instrument or Chapter 3B (commencing with ... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-9 - Court Involvement. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-9 - Court Involvement. | Section 19-3D-9
Court involvement.
(a) On application of an authorized fiduciary, a person entitled to notice under Section 19-3D-7(c), a beneficiary, or with respect to a charitable interest that is not entirely held by or for the benefit of one or more identified and existing charitable organizations, the Attorney Ge... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-10 - Formalities. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-10 - Formalities. | Section 19-3D-10
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
FORMALITIES. An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by refer... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-11 - Decanting Power Under Expanded Distributive Dicretion. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-11 - Decanting Power Under Expanded Distributive Dicretion. | Section 19-3D-11
Decanting power under expanded distributive dicretion.
(a) In this section the following terms have the following meanings:
(1) NONCONTINGENT RIGHT. A right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-12 - Decanting Power Under Limited Distributive Discretion. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-12 - Decanting Power Under Limited Distributive Discretion. | Section 19-3D-12
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
DECANTING POWER UNDER LIMITED DISTRIBUTIVE DISCRETION.
(a) In this section, "limited distributive discretion" means a discretionary power of distributio... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-13 - Trust for Beneficiary With Disability. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-13 - Trust for Beneficiary With Disability. | Section 19-3D-13
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
TRUST FOR BENEFICIARY WITH DISABILITY.
(a) In this section the following terms have the following meanings:
(1) BENEFICIARY WITH A DISABILITY. A benefic... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-14 - Protection of Charitable Interest. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-14 - Protection of Charitable Interest. | Section 19-3D-14
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
PROTECTION OF CHARITABLE INTEREST.
(a) In this section the following terms have the following meanings:
(1) DETERMINABLE CHARITABLE INTEREST. A charitab... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-15 - Trust Limitation on Decanting. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-15 - Trust Limitation on Decanting. | Section 19-3D-15
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
TRUST LIMITATION ON DECANTING.
(a) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohi... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-16 - Change in Compensation. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-16 - Change in Compensation. | Section 19-3D-16
Change in compensation.
(a) If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless:
(1) all qualified beneficiaries of the second trust consent to t... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-17 - Relief From Liability and Indemnification. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-17 - Relief From Liability and Indemnification. | Section 19-3D-17
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
RELIEF FROM LIABILITY AND INDEMNIFICATION.
(a) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fid... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-18/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-18 - Removal or Replacement of Authorized Fiduciary. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-18 - Removal or Replacement of Authorized Fiduciary. | Section 19-3D-18
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
REMOVAL OR REPLACEMENT OF AUTHORIZED FIDUCIARY. An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust inst... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-19/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-19 - Tax-Related Limitations. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-19 - Tax-Related Limitations. | Section 19-3D-19
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
TAX-RELATED LIMITATIONS.
(a) In this section the following terms have the following meanings:
(1) GRANTOR TRUST. A trust as to which a settlor of a firs... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-20 - Duration of Second Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-20 - Duration of Second Trust. | Section 19-3D-20
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
DURATION OF SECOND TRUST.
(a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the fi... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-21 - Need to Distribute Not Required. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-21 - Need to Distribute Not Required. | Section 19-3D-21
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
NEED TO DISTRIBUTE NOT REQUIRED. An authorized fiduciary may exercise the decanting power whether or not under the first trust's discretionary distribut... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-22 - Saving Provision. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-22 - Saving Provision. | Section 19-3D-22
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
SAVING PROVISION.
(a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not ... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-23 - Trust for Care of Animal. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-23 - Trust for Care of Animal. | Section 19-3D-23
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
TRUST FOR CARE OF ANIMAL.
(a) In this section the following terms have the following meanings:
(1) ANIMAL TRUST. A trust or an interest in a trust creat... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-24 - Terms of Second Trust. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-24 - Terms of Second Trust. | Section 19-3D-24
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
TERMS OF SECOND TRUST. A reference in Chapter 3B (commencing with Section 19-3B-101) of this title, to a trust instrument or terms of the trust includes... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-25 - Settlor. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-25 - Settlor. | Section 19-3D-25
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
SETTLOR.
(a) For purposes of laws of this state other than this chapter and subject to subsection (b), a settlor of a first trust is deemed to be the se... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-26 - Later-Discovered Property. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-26 - Later-Discovered Property. | Section 19-3D-26
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
LATER-DISCOVERED PROPERTY.
(a) Except as otherwise provided in subsection (c), if exercise of the decanting power was intended to distribute all the pri... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-27 - Obligations. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-27 - Obligations. | Section 19-3D-27
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
OBLIGATIONS. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-28/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-28 - Uniformity of Application and Construction. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-28 - Uniformity of Application and Construction. | Section 19-3D-28
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and construing this uniform act, consideration must be given to the need to promote uniformity o... |
https://law.justia.com/codes/alabama/title-19/chapter-3d/section-19-3d-29/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3D - Alabama Uniform Trust Decanting Act.›Section 19-3D-29 - Relation to Electronic Signatures in Global and National Commerce Act. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3D - Alabama Uniform Trust Decanting Act. › Section 19-3D-29 - Relation to Electronic Signatures in Global and National Commerce Act. | Section 19-3D-29
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
RELATION TO ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT. This chapter modifies, limits, or supersedes the Electronic Signatures in Global ... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-1 - Short Title. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-1 - Short Title. | Section 19-3E-1
Short title.
This chapter shall be known and may be cited as the Alabama Qualified Dispositions in Trust Act.
(Act 2021-238, §1.) |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-2 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-2 - Definitions. | Section 19-3E-2
Definitions.
As used in this chapter, the following terms shall have the following meanings:
(1) ADVISOR. A person who is given authority by the terms of a trust instrument to remove or appoint, or both, one or more trustees or to direct, consent to, approve, or veto a trustee's actual or proposed inves... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-3 - Jurisdiction and Venue. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-3 - Jurisdiction and Venue. | Section 19-3E-3
Jurisdiction and venue.
(a) Except as provided in subsection (b), the circuit court has exclusive jurisdiction over an action that addresses either of the following questions:
(1) Whether a transfer is a qualified disposition.
(2) The extent of the transferor's interest in, or the income from, a qualifi... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-4 - Permitted Trust Powers of Transferor. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-4 - Permitted Trust Powers of Transferor. | Section 19-3E-4
Permitted trust powers of transferor.
(a) A transferor has only the powers and rights that are conferred by the trust instrument. Except as otherwise provided in this chapter, a transferor does not have any power or right with respect to property that is the subject of a qualified disposition or income ... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-5 - Right of Action of Creditor With Respect to a Qualified Disposition. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-5 - Right of Action of Creditor With Respect to a Qualified Disposition. | Section 19-3E-5
Right of action of creditor with respect to a qualified disposition.
(a) Notwithstanding any other provision of this chapter, with respect to any qualified disposition, a creditor has only the rights provided in this section and Section 19-3E-7.
(b) In an action brought by a creditor for an attachment o... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-6 - Qualified Affidavit. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-6 - Qualified Affidavit. | Section 19-3E-6
Qualified affidavit.
(a) Except as provided in subsection (f), for purposes of this section, a "qualified affidavit" means an affidavit in which the transferor states that at the time of the transfer of the property to the trust, all of the following apply:
(1) The transferor has full right, title, and ... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-7 - Rights of Trustee and Beneficiary in Regard to an Avoided Qualified Disposition. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-7 - Rights of Trustee and Beneficiary in Regard to an Avoided Qualified Disposition. | Section 19-3E-7
Rights of trustee and beneficiary in regard to an avoided qualified disposition.
(a) A qualified disposition may be avoided only to the extent necessary to satisfy or provide for the present value, taking into consideration any uncertainty of the transferor's debt to the creditor at whose instance the d... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-8 - Cessation of a Qualified Trustee and Successor. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-8 - Cessation of a Qualified Trustee and Successor. | Section 19-3E-8
Cessation of a qualified trustee and successor.
(a)(1) If a person serving as a qualified trustee ceases to meet the requirements of a qualified trustee and there remains no trustee that meets the requirements of a qualified trustee, the person serving as qualified trustee is considered to have resigned... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-9 - Rights of Creditor of Trust Beneficiary in a Trust or a Portion of a Trust That Is... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-9 - Rights of Creditor of Trust Beneficiary in a Trust or a Portion of a Trust That Is a Qualified Distribution. | Section 19-3E-9
Rights of creditor of trust beneficiary in a trust or a portion of a trust that is a qualified distribution.
(a) A trust beneficiary does not have the power or capacity to transfer any of the income from property of a trust or portion of a trust which is the subject of a qualified disposition by his or ... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-10 - Application; Relation to Other Laws. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-10 - Application; Relation to Other Laws. | Section 19-3E-10
Application; relation to other laws.
(a) Subject to subsection (e) of Section 19-3E-5, this chapter applies to qualified dispositions made on or after April 20, 2021.
(b) If any provision of this chapter conflicts with any provision of the Alabama Uniform Trust Code, Sections 19-3B-101 to 19-3B-1305, i... |
https://law.justia.com/codes/alabama/title-19/chapter-3e/section-19-3e-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 3E - Alabama Qualified Dispositions in Trust Act.›Section 19-3E-11 - Chapter Supplemented by Principles of Law and Equity. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3E - Alabama Qualified Dispositions in Trust Act. › Section 19-3E-11 - Chapter Supplemented by Principles of Law and Equity. | Section 19-3E-11
Chapter supplemented by principles of law and equity.
Unless otherwise displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-1/section-19-4-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 1 - Deposit in Clearing Corporations.›Section 19-4-1 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 1 - Deposit in Clearing Corporations. › Section 19-4-1 - Definitions. | Section 19-4-1
Definitions.
When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trustee, a guardi... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-1/section-19-4-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 1 - Deposit in Clearing Corporations.›Section 19-4-2 - Deposit of Securities Authorized; Merger, etc., of Certificates Representing Securi... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 1 - Deposit in Clearing Corporations. › Section 19-4-2 - Deposit of Securities Authorized; Merger, etc., of Certificates Representing Securities; Transfer of Ownership, etc., of Securities; Maintenance of R... | Section 19-4-2
Deposit of securities authorized; merger, etc., of certificates representing securities; transfer of ownership, etc., of securities; maintenance of records by fiduciary; rules and regulations governing banks acting as fiduciaries; certification by fiduciary of securities deposited.
(a) Notwithstanding an... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-1/section-19-4-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 1 - Deposit in Clearing Corporations.›Section 19-4-3 - Applicability of Provisions of Article. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 1 - Deposit in Clearing Corporations. › Section 19-4-3 - Applicability of Provisions of Article. | Section 19-4-3
Applicability of provisions of article.
This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the fiduciary is acting.
(Acts 1976, No. 609, p. 825, §3.) |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-2/section-19-4-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 2 - Banks Holding Securities in Bulk.›Section 19-4-20 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 2 - Banks Holding Securities in Bulk. › Section 19-4-20 - Definitions. | Section 19-4-20
Definitions.
When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trustee, a guard... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-2/section-19-4-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 2 - Banks Holding Securities in Bulk.›Section 19-4-21 - Holding in Bulk of Securities Constituting Assets of Different Fiduciary Accounts... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 2 - Banks Holding Securities in Bulk. › Section 19-4-21 - Holding in Bulk of Securities Constituting Assets of Different Fiduciary Accounts Authorized; Registration of Securities; Maintenance of Records as ... | Section 19-4-21
Holding in bulk of securities constituting assets of different fiduciary accounts authorized; registration of securities; maintenance of records as to fiduciary accounts; rules and regulations governing banks; certification of securities held for fiduciary accounts.
(a) Notwithstanding any other provisi... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-2/section-19-4-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 2 - Banks Holding Securities in Bulk.›Section 19-4-22 - Applicability of Provisions of Article. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 2 - Banks Holding Securities in Bulk. › Section 19-4-22 - Applicability of Provisions of Article. | Section 19-4-22
Applicability of provisions of article.
This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting.
(Acts 1976, No. 610, p. 828, §3.) |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-3/section-19-4-40/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 3 - Banks Holding Treasury Securities.›Section 19-4-40 - Definitions. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 3 - Banks Holding Treasury Securities. › Section 19-4-40 - Definitions. | Section 19-4-40
Definitions.
When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trustee, a guard... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-3/section-19-4-41/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 3 - Banks Holding Treasury Securities.›Section 19-4-41 - Deposit of Treasury Securities in Federal Reserve Banks Authorized; Transfer of Ow... | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 3 - Banks Holding Treasury Securities. › Section 19-4-41 - Deposit of Treasury Securities in Federal Reserve Banks Authorized; Transfer of Ownership, etc., of Securities; Maintenance of Records as to Fiduci... | Section 19-4-41
Deposit of treasury securities in federal reserve banks authorized; transfer of ownership, etc., of securities; maintenance of records as to fiduciary accounts; rules and regulations governing banks; certification of securities deposited for fiduciary accounts.
(a) Notwithstanding any other provision of... |
https://law.justia.com/codes/alabama/title-19/chapter-4/article-3/section-19-4-42/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4 - Securities Held by Fiduciaries.›Article 3 - Banks Holding Treasury Securities.›Section 19-4-42 - Applicability of Provisions of Article. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4 - Securities Held by Fiduciaries. › Article 3 - Banks Holding Treasury Securities. › Section 19-4-42 - Applicability of Provisions of Article. | Section 19-4-42
Applicability of provisions of article.
This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting.
(Acts 1976, No. 625, p. 858, §3.) |
https://law.justia.com/codes/alabama/title-19/chapter-4a/section-19-4a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4A - Idle Funds in Fiduciary Accounts.›Section 19-4A-1 - Idle Funds Defined. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4A - Idle Funds in Fiduciary Accounts. › Section 19-4A-1 - Idle Funds Defined. | Section 19-4A-1
Idle funds defined.
Idle funds are defined as collected income and principal cash balances received by a fiduciary and held awaiting investment in or distribution from a fiduciary account. As used in this chapter, the term "fiduciary account" shall mean any account for which the bank or trust company ha... |
https://law.justia.com/codes/alabama/title-19/chapter-4a/section-19-4a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4A - Idle Funds in Fiduciary Accounts.›Section 19-4A-2 - Investment in Accordance With Terms of Governing Document. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4A - Idle Funds in Fiduciary Accounts. › Section 19-4A-2 - Investment in Accordance With Terms of Governing Document. | Section 19-4A-2
Investment in accordance with terms of governing document.
A bank or trust company duly authorized to exercise fiduciary powers through the operation of a trust department shall invest idle funds in each fiduciary account in accordance with the specific terms of the governing document.
(Acts 1991, No. 9... |
https://law.justia.com/codes/alabama/title-19/chapter-4a/section-19-4a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4A - Idle Funds in Fiduciary Accounts.›Section 19-4A-3 - Short-Term Investment Vehicle. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4A - Idle Funds in Fiduciary Accounts. › Section 19-4A-3 - Short-Term Investment Vehicle. | Section 19-4A-3
Short-term investment vehicle.
In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a short-term investment vehicle, which may include a deposit in an interest-bearing account, a money market mutual fund, or any other gener... |
https://law.justia.com/codes/alabama/title-19/chapter-4a/section-19-4a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 19 - Fiduciaries and Trusts.›Chapter 4A - Idle Funds in Fiduciary Accounts.›Section 19-4A-4 - Reasonable Rate of Return; Considerations. | 2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 4A - Idle Funds in Fiduciary Accounts. › Section 19-4A-4 - Reasonable Rate of Return; Considerations. | Section 19-4A-4
Reasonable rate of return; considerations.
In the absence of specific instructions in the governing document, the fiduciary shall select an investment vehicle for idle funds in each fiduciary account which should provide a reasonable rate of return, taking into consideration the income needs of the curr... |
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