Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/26-1A-211.htm |
---|---|
Depth: | 0 singles |
Size: | 2,330 bytes |
Modified: | 2012-06-05 14:10:34 |
Categories: | -None- |
Title: | 26-1A-211 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates, trusts, and other beneficial interests" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal; (4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal; (5) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary; (6) conserve, invest, disburse, or use anything received for an authorized purpose; (7) transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor; and (8) reject, renounce, disclaim, release, or consent to a reduction in or modification of a share in or payment from the fund. (Act 2011-683, p. 2015, ยง1.) |