|
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-6.htm - 2K - Match Info - Similar pages
7-9A-106
Section 7-9A-106 Control of investment property. (a) Control under Section 7-8-106. A person
has control of a certificated security, uncertificated security, or security entitlement as
provided in Section 7-8-106. (b) Control of commodity contract. A secured party has control
of a commodity contract if: (1) the secured party is the commodity intermediary with which
the commodity contract is carried; or (2) the commodity customer, secured party, and commodity
intermediary have agreed that the commodity intermediary will apply any value distributed
on account of the commodity contract as directed by the secured party without further consent
by the commodity customer. (c) Effect of control of securities account or commodity account.
A secured party having control of all security entitlements or commodity contracts carried
in a securities account or commodity account has control over the securities account or commodity
account. (Act 2001-481, p. 647, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-106.htm - 1K - Match Info - Similar pages
19-4A-1
Section 19-4A-1 Idle funds defined. Idle funds are defined as collected income and principal
cash balances received by a fiduciary and held awaiting investment in or distribution from
a fiduciary account. As used in this chapter, the term "fiduciary account" shall
mean any account for which the bank or trust company has investment responsibility. (Acts
1991, No. 91-129, p. 163, §1(a).)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4A-1.htm - 695 bytes - Match Info - Similar pages
19-3-9
Section 19-3-9 Satisfaction of pecuniary gifts by distribution of property in kind. (a) Where
by the terms of a will or trust instrument a fiduciary may or must satisfy a pecuniary gift
thereunder by distributing or allocating property in kind according to the value thereof other
than the value on the date of distribution or allocation, the fiduciary, in satisfying such
gift from the property available therefor, shall, unless the governing document expressly
prohibits such a selection of property, select property, including cash, fairly representative
of appreciation or depreciation in the value at the date or dates of distribution or allocation
of all property then available for distribution or allocation in satisfaction of such gift.
(b) The enactment of this section is not intended to imply that the present law of this state,
relating to selection of property by fiduciaries in the circumstances herein described, has
been otherwise than as set forth in subsection (a) of this section....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-9.htm - 1K - Match Info - Similar pages
19-3D-17
Section 19-3D-17 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. RELIEF FROM LIABILITY
AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument
may not relieve an authorized fiduciary from liability for breach of trust to a greater extent
than the first-trust instrument. (b) A second-trust instrument may provide for indemnification
of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity
under the first trust for any liability or claim that would have been payable from the first
trust if the decanting power had not been exercised. (c) A second-trust instrument may not
reduce fiduciary liability in the aggregate. (d) Subject to subsection (c), a second-trust
instrument may divide and reallocate fiduciary powers among fiduciaries, including one or
more trustees, distribution advisors, investment advisors,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3D-17.htm - 1K - Match Info - Similar pages
19-4A-4
Section 19-4A-4 Reasonable rate of return; considerations. In the absence of specific instructions
in the governing document, the fiduciary shall select an investment vehicle for idle funds
in each fiduciary account which should provide a reasonable rate of return, taking into consideration
the income needs of the current income beneficiary, the quality of the investment, the liquidity
needs of the fiduciary account and the expense of making the funds productive of income. (Acts
1991, No. 91-129, p. 163, §1(d).)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4A-4.htm - 824 bytes - Match Info - Similar pages
19-4A-2
Section 19-4A-2 Investment in accordance with terms of governing document. A bank or trust
company duly authorized to exercise fiduciary powers through the operation of a trust department
shall invest idle funds in each fiduciary account in accordance with the specific terms of
the governing document. (Acts 1991, No. 91-129, p. 163, §1(b).)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4A-2.htm - 649 bytes - Match Info - Similar pages
5-12A-8
Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest. The
trust institution shall designate clearly upon its records the names of the fiduciary accounts
which own a participation in the common trust fund and the extent of the interest of such
fiduciary accounts therein. No fiduciary account owning or holding an investment or participation
in a common trust fund shall be deemed to have individual ownership of any asset in such common
trust fund, but should be deemed to have only a proportionate undivided interest in the common
trust fund. (Acts 1980, No. 80-658, §5-12-8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-8.htm - 920 bytes - Match Info - Similar pages
18-1A-2
Section 18-1A-2 Scope of chapter. (a) This chapter provides standards for the acquisition of
property by condemnors, the conduct of condemnation actions, and the determination of just
compensation. It does not confer the power of eminent domain, and does not prescribe or restrict
the purposes for which or the persons by whom that power may be exercised. (b) This chapter
supplements the law of this state relating to the acquisition of property and to the exercise
of the power of eminent domain. In the event of conflict between this chapter and any other
law with respect to any subject governed by this chapter, this chapter prevails. (Acts 1985,
No. 85-548, p. 802, §102.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/18-1A-2.htm - 995 bytes - Match Info - Similar pages
19-3A-401
Section 19-3A-401 Character of receipts. (a) For purposes of this section, "entity"
means a corporation, partnership, limited liability company, regulated investment company,
real estate investment trust, common trust fund, or any other organization in which a fiduciary
has an interest other than (1) a trust or decedent's estate to which Section 19-3A-402 applies,
(2) a business or activity to which Section 19-3A-403 applies, or (3) an asset-backed security
to which Section 19-3A-415 applies. (b) Except as otherwise provided in this section, a fiduciary
shall allocate to income money received from an entity. (c) A fiduciary shall allocate the
following receipts from an entity to principal: (1) Property other than money except in cases
when the fiduciary has the choice to receive dividends or similar payments either in cash
or in the shares or similar ownership interests of the corporation or other business entity,
in which case, the fiduciary shall allocate the receipts to income; (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-401.htm - 2K - Match Info - Similar pages
|