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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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19-3B-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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35-5A-13
Section 35-5A-13 Powers and duties of custodian as to custodial property generally. (a) A custodian
shall: (1) Take control of custodial property; (2) Register or record title to custodial property
if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b)
In dealing with custodial property, a custodian shall observe the standard of care that would
be observed by a prudent person dealing with property of another and is not limited by any
other statute restricting investments by fiduciaries. If a custodian has a special skill or
expertise or is named custodian on the basis of representations of a special skill or expertise,
the custodian shall use that skill or expertise. However, a custodian, in the custodian's
discretion and without liability to the minor or the minor's estate, may retain any custodial
property received from a transferor. (c) A custodian may invest in or pay premiums on life
insurance or endowment policies on (1) the life of the minor...
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40-7-17
Section 40-7-17 By whom property should be listed. The property of every minor shall be listed
by his guardian, if he has one; if he has no guardian, by his father, if living; if the father
is dead, by his mother, if living; if the mother is also dead or married, by the person having
it in charge; of the wife, by the husband, if living and sane, and the parties reside together;
if the husband is dead or insane, or he is not living with his wife, by the wife; of any person
for whose benefit the property is held in trust, by the trustee; of every deceased person,
by the executor or administrator, but if there be no executor or administrator by any person
having an interest in the estate of said decedent by bequest or devise or under the laws of
descent and distribution; of those whose property is in the hands of receivers, by such receivers;
of every firm or body corporate, by the partner, president, principal officer, or agent thereof;
property in the hands or custody of any public...
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10A-10-1.21
Section 10A-10-1.21 Income tax. (a) A real estate investment trust shall be subject to the
tax imposed by Section 40-18-31, provided, that for purposes of Section 40-18-33, the "net
income" of a real estate investment trust shall mean "real estate investment trust
taxable income" as defined in 26 U.S.C. Section 857 as in effect from time to time. (b)
Solely for purposes of conforming federal law with Alabama law, the "net income"
of a real estate investment trust determined pursuant to subsection (a) shall be further adjusted
as follows: (1) The deduction for intercorporate dividends received under Section 40-18-35(a)
(7), shall not be allowed. (2) The deduction for dividends paid, as defined in 26 U.S.C. Section
561, shall be allowed but (i) shall be computed without regard to that portion of the deduction
which is attributable to the amount equal to the net income from foreclosure property as defined
in 26 U.S.C. Section 857, and (ii) shall be limited by the provisions of Section...
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36-27-2
Section 36-27-2 Creation; designation; purpose, powers, privileges, management, etc., thereof
generally; powers, duties, etc., of Board of Control; immunity of state officers, etc. (a)
A retirement system is hereby established as a body corporate and placed under the management
of the Board of Control for the purpose of providing retirement allowances and other benefits
under the provisions of this article for employees of the State of Alabama. The retirement
system so created shall be established as of October 1, 1945. It shall have the power and
privileges of a corporation and shall be known as the "Employees' Retirement System of
Alabama," and by such name all of its business shall be transacted, all of its funds
invested and all of its cash and securities and other property held in trust for the purpose
for which received. (b) Any provision of law to the contrary notwithstanding, the Boards of
Control of the Teachers' Retirement System of Alabama and the Employees' Retirement...
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45-8-84.20
Section 45-8-84.20 Indexing system; special indexing fee. (a) The provisions of this section
shall apply only in Calhoun County. The purpose of this section is to facilitate the use of
public records in property transactions in Calhoun County by providing for the installation
of an improved system of indexing of instruments and documents affecting the title to real
and personal property that are recorded in the office of the judge of probate and for the
indexing of other instruments, documents, and other uses in the discretion of the judge of
probate. (b) The following words and phrases, including plural of any thereof, whenever used
in this section, shall have the following respective meanings: (1) "Real property instrument"
means and includes any instrument or document affecting the title to real property that may
now or hereafter be filed for record in the probate office pursuant to the applicable requirements
of the laws of this state, including but without limitation to Section...
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8-13-23
Section 8-13-23 Chapter not applicable to certain sales. In the following cases the provisions
of this chapter shall not apply: (1) Sales for the estate of a decedent by the personal representative,
or his agent, according to law or by the provisions of the will. (2) Sales of property conveyed
by deed of trust, mortgage, or judgment or ordered to be sold according to the mortgage, judgment,
or order. (3) Sales of all agricultural produce and livestock arising from the labor of the
seller or other labor under his control on or belonging to his real or personal estate and
not purchased or sold for speculation. (4) All sales under legal process. (5) Sales by a licensed
pawnbroker or loan company which is selling or offering for sale unredeemed pledges of chattels
as provided by law. (6) Sales made within the incorporated limits or police jurisdiction of
any municipality of the State of Alabama under a license granted by such municipality pursuant
to the provisions of a valid ordinance of...
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10A-17-1.05
Section 10A-17-1.05 Real and personal property; nonprofit association as legatee, devisee,
or beneficiary. (a) Unless prohibited or otherwise limited by its written rules or governing
documents, a nonprofit association in its name may acquire, hold, encumber, or transfer an
estate or interest in real or personal property. (b) Unless prohibited or otherwise limited
by its written rules or governing documents, a nonprofit association may be a legatee, devisee,
or beneficiary of a trust or contract. (c) Real and personal property in Alabama may be acquired,
held, encumbered, and transferred by a nonprofit association, whether the nonprofit association
or a member has any other relationship to Alabama. (Acts 1995, No. 95-527, p. 1064, §5; §10-3B-5;
amended and renumbered by Act 2009-513, p. 967, §320.)...
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10A-17-1.06
Section 10A-17-1.06 Statement of authority as to real property. (a) A nonprofit association
shall execute and record a statement of authority to transfer an estate or interest in real
property in the name of the nonprofit association. (b) An estate or interest in real property
in the name of a nonprofit association may be transferred by a person so authorized in a statement
of authority recorded in the office of the judge of probate of the county in which the real
property is located. (c) A statement of authority shall set forth: (1) The name of the nonprofit
association; (2) The address in Alabama, including the street address, if any, of the nonprofit
association, or, if the nonprofit association does not have an address in Alabama, its address
out of state; (3) The name or title of a person authorized to transfer an estate or interest
in real property held in the name of the nonprofit association; and (4) The action, procedure,
or vote of the nonprofit association which authorizes...
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