35-8A-307
Section 35-8A-307 Upkeep of condominiums. (a) Except to the extent provided by the declaration,
subsection (b), or Section 35-8A-313(h), the association is responsible for maintenance, repair,
and replacement of the common elements, and each unit owner is responsible for maintenance,
repair, and replacement of his or her unit. Each unit owner shall afford to the association
and the other unit owners, and to their agents or employees, access through his or her unit
reasonably necessary for those purposes. If damage is inflicted on the common elements, or
on any unit through which access is taken, the unit owner responsible for the damage, or the
association if it is responsible, is liable for the prompt repair thereof. (b) In addition
to the liability that a declarant as a unit owner has under this chapter, the declarant alone
is liable for all expenses in connection with real estate subject to development rights. No
other unit owner and no other portion of the condominium is subject to...
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40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
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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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11-54-130
Section 11-54-130 Investment committee. (a) There shall be, with respect to an endowment trust
fund, one investment committee consisting of the following: (1) Not less than two members
of the directors, each of whom shall serve ex officio during his or her term of office as
a member of the directors, and each of whom shall be elected by the directors. (2) Not more
than five additional persons, each of whom shall serve as a member of such investment committee
for such term of office as shall be prescribed in the authorizing resolution, and shall be
elected by the directors, either (i) from nominations made by any trade organization under
contract to the board with respect to such fund, or (ii) if no such contract exists, from
the membership of one or more trade organizations, or (iii) if no such trade organization
exists, as the board deems advisable. (b) The investment committee shall elect, from among
its members, such officers as it shall deem necessary or desirable, and the...
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19-3B-701
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 method provided in the terms is not expressly made exclusive,
by accepting delivery of the trust property, exercising powers or performing duties as trustee,
or otherwise indicating acceptance of the trusteeship. (b) A person designated as trustee
who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee
who does not accept the trusteeship within a reasonable time after knowing of the designation
is deemed to have rejected the trusteeship. (c) A person designated as trustee, without accepting
the trusteeship, may: (1) act to preserve the trust property if, within a reasonable time
after acting, the person sends a rejection of the...
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19-3A-604
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 existence on January 1, 2001; provided, however, at any time prior
to January 1, 2003, any such pre-existing trust or decedent's estate (or testamentary trust
to be created from a pre-existing estate) shall have the right to elect to continue operating
under the law in effect prior to this chapter. Any fiduciary, income beneficiary, or presumptive
remainder beneficiary of an affected trust or estate shall have the right to make the election
to continue operating under the law in effect prior to this chapter, which election shall
be made by a written instrument delivered to, or executed by, the fiduciary and placed with
the fiduciary's records. The decision of whether to make...
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19-3D-26
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 principal of the first trust to one or more second trusts,
later-discovered property belonging to the first trust and property paid to or acquired by
the first trust after the exercise of the power is part of the trust estate of the second
trust or trusts. (b) Except as otherwise provided in subsection (c), if exercise of the decanting
power was intended to distribute less than all the principal of the first trust to one or
more second trusts, later-discovered property belonging to the first trust or property paid
to or acquired by the first trust after exercise of the power remains part of the trust estate
of the first trust. (c) An authorized fiduciary may provide in an...
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43-8-292
Section 43-8-292 Filing and delivery of disclaimer. (a) Except as provided in subsection (c)
of this section, if the property or interest has devolved to the disclaimant under a testamentary
instrument or by the laws of intestacy, the disclaimer shall be filed, as to a present interest,
not later than nine months after the death of the deceased owner or deceased donee of a power
of appointment and, if of a future interest, not later than nine months after the event determining
that the taker of the property or interest has become finally ascertained and his interest
is indefeasibly vested. The disclaimer shall be filed in the probate court of the county in
which proceedings for the administration of the estate of the deceased owner or deceased donee
of the power have been commenced or, if they have not been commenced, in which they could
be commenced. A copy of the disclaimer shall be delivered in person or mailed by registered
or certified mail to any personal representative or other...
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16-44A-34
Section 16-44A-34 Exemption from state and local taxes; acts in agreement authorized. (a) The
trust shall be exempt from all taxes of the State of Alabama and its political subdivisions.
Provided that the trust's "unrelated business taxable income" as determined in accordance
with 26 U.S.C. §512, as in effect from time to time, shall be subject to the tax levied by
Section 40-18-31, as amended. All receipts, from whatever source, are appropriated to the
trust until expended and shall not lapse. The trust is authorized to solicit gifts and donations,
and all gifts, grants, devises, and bequests shall be deductible from state income taxes in
accordance with Section 40-18-15. (b) All of the acts provided for in the body of the compact
or trust agreement are hereby specifically authorized and provided for, it being the intent
of this article to incorporate the entirety of the provisions of the compact into the Code
of Alabama. This compact and this article shall be liberally construed to...
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19-3-65
Section 19-3-65 Duration of business trust; rules against perpetuities and restraint of alienation
not violated. A business trust shall not be deemed invalid as violating the rule against perpetuities
or the law against suspension of the powers of alienation. Such trust may continue for such
time as may be necessary to accomplish the purposes for which it may be created, provided
the declaration of trust contains a provision that such trust may be terminated at any time
by action of the trustees or by the vote of a specified percentage in interest of the beneficial
owners thereof as set forth in the declaration of trust. (Acts 1961, Ex. Sess., No. 251, p.
2263, §6.)...
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