Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/19-3B-506.htm |
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Depth: | 0 singles |
Size: | 1,349 bytes |
Modified: | 2008-03-20 08:18:52 |
Categories: | -None- |
Title: | 19-3B-506 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | 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 exercise of the trustee's discretion regardless of whether the terms of the trust (i) include a support or other standard to guide the trustee in making distribution decisions or (ii) provide that the trustee "may" or "shall" make discretionary distributions, including distributions pursuant to a support or other standard. (b) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may compel a mandatory distribution of income or principal to a beneficiary, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the mandated distribution date. (Act 2006-216, p. 314, ยง1.) |