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19-3-62
Section 19-3-62 Powers and liabilities of trustees; liability of trust for acts of trustees.
The trustees shall hold the legal title to all property at any time belonging to the business
trust. They shall have control over such property as well as the control and management of
the business and affairs of the business trust. Liability to third persons for any act, omission
or obligation of a trustee of a business trust, when acting in such capacity, shall extend
to the whole of the trust estate, or so much thereof as may be necessary to discharge such
obligation, but no trustee shall be personally liable for any such act, omission or obligation.
The trustees shall have such 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 by the provisions of Article 6 of this chapter or otherwise. (Acts
1961, Ex. Sess., No. 251, p. 2263, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-62.htm - 1K - Match Info - Similar pages
10A-16-1.03
Section 10A-16-1.03 Powers and liabilities of trustees; liability of trust for acts of trustees.
The trustees shall hold the legal title to all property at any time belonging to the business
trust. They shall have control over the property as well as the control and management of
the business and affairs of the business trust. Liability to third persons for any act, omission,
or obligation of a trustee of a business trust, when acting in such capacity, shall extend
to the whole of the trust estate, or so much thereof as may be necessary to discharge such
obligation, but no trustee shall be personally liable for any such act, omission, or obligation.
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 by the provisions of Article 6 of Chapter 3 of Title 19 or otherwise.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §3; §19-3-62; amended...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-16-1.03.htm - 1K - Match Info - Similar pages
22-21-241
Section 22-21-241 Powers and liabilities of trustees of trusts. The trustees of trusts established
pursuant to Section 22-21-240 shall hold the legal title to all property at any time belonging
to the trust. They shall have control over such property as well as the control and management
of the business and affairs of the trust. Liability to third persons for any act, omission
or obligation of a trustee of a trust, when acting in such capacity, shall extend to the whole
of the trust estate or so much thereof as may be necessary to discharge such obligation, but
no trustee shall be personally liable for any such act, omission or obligation. The trustees
shall have such powers as to the investment of the trust estate as may be set out in the declaration
of trust; provided, however, that the investments of the trust shall be limited to the same
type, kind and quality as those required of a domestic casualty insurer. Without limiting
the generality of the foregoing, the trustees shall have...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-241.htm - 1K - Match Info - Similar pages
19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-816.htm - 10K - Match Info - Similar pages
35-8A-304
Section 35-8A-304 Transfer of special declarant rights. (a) No special declarant right specified
in Section 35-8A-103(24) created or reserved under this chapter may be transferred except
by an instrument evidencing the transfer recorded in every county in which any portion of
the condominium is located. The instrument is not effective unless executed by the transferor
and the transferee in the same formality as a conveyance of real property. (b) Upon transfer
of any special declarant right, the liability of a transferor declarant is as follows: (1)
A transferor is not relieved of any obligation or liability arising before the transfer and
remains liable for warranty obligations imposed upon him or her by this chapter. Lack of privity
does not deprive any unit owner of standing to maintain an action to enforce any obligation
of the transferor. (2) If a successor to any special declarant right is an affiliate of a
declarant specified in Section 35-8A-103(1), the transferor is jointly and...
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35-8A-103
Section 35-8A-103 Definitions. In the declaration and bylaws, unless specifically provided
otherwise or the context otherwise requires, and in this chapter, the following terms are
defined as set forth below: (1) AFFILIATE OF A DECLARANT. Any person who controls, is controlled
by, or is under common control with a declarant. A person "controls" a declarant
if the person (i) is a general partner, officer, director, or employer of the declarant, (ii)
directly or indirectly or acting in concert with one or more other persons, or through one
or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing
more than 20 percent of the voting interest in the declarant, (iii) controls in any manner
the election of a majority of the directors of the declarant, or (iv) has contributed more
than 20 percent of the capital of the declarant. A person "is controlled by" a declarant
if the declarant (i) is a general partner, officer, director, or employer of the person,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-8A-103.htm - 8K - Match Info - Similar pages
19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held
by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in any
will, trust agreement or other document which is the source of authority, a trustee, executor,
administrator, guardian, or one acting in any other fiduciary capacity, whether an individual,
corporation or other entity ("fiduciary") shall have the following powers, rights
and remedies whether or not set forth in the will, trust agreement or other document which
is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated,
property held by the fiduciary, including interests in sole proprietorships, partnerships,
or corporations and any assets owned by any such business enterprise, for the purpose of determining
compliance with environmental law affecting such property and to respond to any actual or
potential violation of any environmental law affecting property held by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-11.htm - 4K - Match Info - Similar pages
11-88-132
Section 11-88-132 Acquisition, etc., of water system of water and fire protection authority
by city board of water and sewer commissioners - Conveyance of funds in trust for authority's
fire protection system; governing board of authority as trustees; trustees' powers and liabilities.
(a) In the event that the board of water and sewer commissioners of any city ("commissioners")
should acquire, operate, or control by virtue of assignment, conveyance, court order, operation
of law, or otherwise the water system of a water and fire protection authority ("authority"),
then the commissioners shall thereupon convey to the authority the principal sum of $2,000,000
in irrevocable trust for the support and maintenance of the authority's fire protection system.
(b) The trustees of the trust so established shall be the members of the governing board of
the authority, as it may be comprised from time to time, who shall have all powers necessary
to effect the support and maintenance of the...
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24-1-33
Section 24-1-33 Powers of authority to secure payment of bonds, etc. In connection with the
issuance of bonds or the incurring of any obligation under a lease and in order to secure
the payment of such bonds or obligations, the authority shall have power: (1) To pledge by
resolution, trust indenture, mortgage, subject to the limitations hereinafter imposed, or
other contract all or any part of its rents, fees or revenues. (2) To covenant against mortgaging
all or any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees and revenues to which its right
then exists, or the right to which may thereafter come into existence, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-33.htm - 7K - Match Info - Similar pages
24-1-72
Section 24-1-72 Powers of authority to secure payment of bonds, etc. In connection with the
issuance of bonds or the incurring of any obligation under a lease and in order to secure
the payment of such bonds or obligations, the authority shall have power: (1) To pledge by
resolution, trust indenture, mortgage, subject to the limitations hereinafter imposed, or
other contract all or any part of its rents, fees, or revenues. (2) To covenant against mortgaging
all or any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease, or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees, and revenues to which its right
then exists, or the right to which may thereafter come into existence, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-72.htm - 7K - Match Info - Similar pages
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