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10A-10-1.18
Section 10A-10-1.18 Nonliability of shareholders for obligations of trust. No holder of the
shares of, or beneficial interest in, a real estate investment trust shall be personally liable
for any liabilities, duties or obligations of, or claims against, the real estate investment
trust, whether arising before or after the holder became the owner or holder of the shares
or beneficial interest. (Acts 1995, No. 95-628, p. 1317, §18; §10-13-18; amended and renumbered
by Act 2009-513, p. 967, §308.)...
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10A-10-1.24
Section 10A-10-1.24 Treatment of distribution. Distributions made from ordinary income by a
real estate investment trust are income. All other distributions made by the trust, including
distributions from capital gains, depreciation, or depletion, whether in the form of cash
or an option to take new stock or cash or an option to purchase additional shares, are principal.
(Acts 1995, No. 95-628, p. 1317, §24; §10-13-24; amended and renumbered by Act 2009-513,
p. 967, §310.)...
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19-5-5
Section 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes
into separate share trusts to effectuate allocation of grantor's, decedent's, or surviving
spouse's GST exemption. When a grantor or decedent transfers property into a trust which has,
or which pours into another trust which has, more than one beneficiary or class of beneficiaries
for GST purposes, and when the grantor or fiduciary allocates the grantor's or decedent's
GST exemption for the benefit of one or more, but less than all, beneficiaries or classes
of beneficiaries of such trust, or when the surviving spouse of the grantor or decedent, or
such surviving spouse's fiduciary, allocates the surviving spouse's GST exemption for the
benefit of one or more, but less than all, beneficiaries or classes of beneficiaries of such
trust, and when the instrument creating the trust does not specifically prohibit a fiduciary
from dividing such trust into separate share trusts, a fiduciary shall...
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10A-1-3.41
Section 10A-1-3.41 Certificated or uncertificated ownership interest. (a) Ownership interests
in a domestic entity may be certificated or uncertificated. (b) The ownership interests in
a business corporation, real estate investment trust, or professional corporation must be
certificated unless the governing documents of the entity or a resolution adopted by the governing
authority of the entity states that the ownership interests are uncertificated. If a domestic
entity changes the form of its ownership interests from certificated to uncertificated, a
certificated ownership interest subject to the change becomes an uncertificated ownership
interest only after the certificate is surrendered to the domestic entity. (c) Ownership interests
in a domestic entity, other than a domestic entity described in subsection (b), are uncertificated
unless this title or the governing documents of the domestic entity state that the interests
are certificated. (d) Unless an entity's chapter specifically...
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10A-10-1.01
Section 10A-10-1.01 Short title. This chapter and the provisions of Chapter 1 to the extent
applicable to real estate investment trusts may be cited as the "Alabama Real Estate
Investment Trust Law." (Acts 1995, No. 95-628, p. 1317, §1; §10-13-1; amended and renumbered
by Act 2009-513, p. 967, §308.)...
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10A-10-1.12
Section 10A-10-1.12 Inspection of records. A shareholder has the same right to inspect the
records of the real estate investment trust as a shareholder of a corporation under the Alabama
Business Corporation Law. (Acts 1995, No. 95-628, p. 1317, §12; §10-13-12; amended and renumbered
by Act 2009-513, p. 967, §308; Act 2019-94, §2.)...
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19-4-1
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 guardian, a conservator, an agent, a custodian or
a custodian or agent for another fiduciary or fiduciaries. (2) FIDUCIARY ACCOUNT. An estate,
a trust, a guardianship, a custodianship, an agency or any other fiduciary relationship, including
a custodianship or agency for another fiduciary or fiduciaries. (3) BANK. A bank or trust
company organized and existing under the laws of Alabama with authority to act as a fiduciary
and a national banking association with its principal office in the State of Alabama and with
authority to act as a fiduciary. (4) SECURITY. Any note; stock; treasury stock; bond; debenture;
evidence of indebtedness; certificate of interest or participation in...
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19-4-20
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 guardian, a conservator, an agent or a custodian.
(2) FIDUCIARY ACCOUNT. An estate, a trust, a guardianship, a custodianship, an agency or any
other fiduciary relationship, including a custodianship or agency for another fiduciary or
fiduciaries. (3) BANK. A bank or trust company organized and existing under the laws of Alabama
with authority to act as a fiduciary and a national banking association with its principal
office in the State of Alabama and with authority to act as a fiduciary. (4) SECURITY. Any
note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificate of interest
or participation in an oil, gas or mining title or lease or in payments out...
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5-12A-6
Section 5-12A-6 Control of investments by instrument under which trust institution acts. If
the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity
arose before or is created after July 8, 1943, shall either expressly or by its silence limit
or restrict the investment of moneys of the estate and securities to the class authorized
by law as legal investments, the trust institution may, in its capacity as sole fiduciary
or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest
moneys of the estate in any such common trust fund maintained by the trust institution or
by an affiliated trust institution, provided, the securities composing such fund consist solely
of securities of the class authorized as legal investments for funds held by a fiduciary.
If the instrument under which the trust institution acts as fiduciary, whether such fiduciary
capacity arose before or is created after July 8, 1943, shall authorize...
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10A-10-1.04
Section 10A-10-1.04 Construction with other law. (a) This chapter does not limit present law
as it applies to the creation of or doing business in the state by: (1) A common-law trust.
(2) A business trust. (3) A Massachusetts trust. (b) To the extent any provision of this chapter
is contrary to or inconsistent with 26 U.S.C. Sections 856 to 860, inclusive, of the U.S.
Internal Revenue Code, as amended from time to time, or the rulings and regulations adopted
under those sections, the latter shall prevail as to any real estate investment trust qualifying
under those sections, rulings, and regulations. (Acts 1995, No. 95-628, p. 1317, §4; §10-13-4;
amended and renumbered by Act 2009-513, p. 967, §308.)...
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