10A-10-1.10
Section 10A-10-1.10 Provisions on investments and use. (a) A real estate investment trust shall
hold, either directly or through other entities, assets of such character, in such percentages,
and for such uses as permitted by Sections 856 to 860, inclusive, of the Internal Revenue
Code, as amended from time to time. (b) Except as provided in subsection (a), the trustees
shall have the powers as to the investment of the trust estate as may be set out in the declaration
of trust without regard to the type of investments to which trustees generally are restricted.
(Acts 1995, No. 95-628, p. 1317, §10; §10-13-10; amended and renumbered by Act 2009-513,
p. 967, §308.)...
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10A-10-1.17
Section 10A-10-1.17 Liability of trust. The liability of a real estate investment trust extends
to as much of the trust estate, including the whole, as necessary to discharge the liability.
(Acts 1995, No. 95-628, p. 1317, §17; §10-13-17; amended and renumbered by Act 2009-513,
p. 967, §308.)...
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10A-10-1.19
Section 10A-10-1.19 Liability of trustee. (a) Subject to the provisions of subsection (b),
a trustee of a real estate investment trust is not personally liable for the obligations of
the real estate investment trust. (b) If a trustee otherwise would be liable, the provisions
of this subsection do not relieve the trustee from any liability to the trust or its security
holders for any act that constitutes: (1) Bad faith. (2) Willful misfeasance. (3) Gross negligence.
(4) Reckless disregard of the trustee's duties. (c)(1) Except as provided in subdivision (2),
the declaration of trust of a real estate investment trust may include any provision expanding
or limiting the liability of its trustees and officers to the trust or its shareholders for
money damages. (2) The declaration of trust of a real estate investment trust may not include
any provision that restricts or limits the liability of its trustees or officers to the trust
or its shareholders: a. To the extent that it is proven that...
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10A-10-1.02
Section 10A-10-1.02 Definitions. As used in this chapter, unless the context otherwise requires,
the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE
INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held,
managed, administered, controlled, invested, or disposed of for the benefit and profit of
any person who may become a shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 860, inclusive, of the U.S. Internal Revenue Code, as amended
from time to time, and the rulings and regulations adopted thereunder. (2) SHARE. A transferable
unit of beneficial interest in a real estate investment trust. (3) SHAREHOLDER. The holder
of a transferable unit of beneficial interest in a real estate investment trust. (Acts 1995,
No. 95-628, p. 1317, §2; §10-13-2; amended and renumbered by Act 2009-513, p. 967, §308.)...

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10A-10-1.20
Section 10A-10-1.20 Service of process. In an action against a real estate investment trust
doing business in the state, process shall be served on any officer or resident agent of the
real estate investment trust or by any method permitted under Section 10A-1-5.31, 10A-1-5.35,
or 10A-1-5.36, and any notice or demand permitted or required by law may be served in like
manner. (Acts 1995, No. 95-628, p. 1317, §20; §10-13-20; amended and renumbered by Act 2009-513,
p. 967, §308.)...
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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-10-1.18
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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10A-10-1.08
Section 10A-10-1.08 Removal of trustees. Unless the declaration of trust provides otherwise,
the shareholders of a real estate investment trust may remove any trustee with or without
cause by the affirmative vote of a majority of all the votes entitled to be cast for the election
of trustees. (Acts 1995, No. 95-628, p. 1317, §8; §10-13-8; 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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