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19-3A-407
Section 19-3A-407 Insurance policies and similar contracts. (a) Except as otherwise provided
in subsection (b), a fiduciary shall allocate to principal the proceeds of a life insurance
policy or other contract in which the trust or its fiduciary is named as beneficiary, including
a contract that insures the trust or its fiduciary against loss for damage to, destruction
of, or loss of title to a trust asset. The fiduciary shall allocate dividends on an insurance
policy to income if the premiums on the policy are paid from income, and to principal if the
premiums are paid from principal. (b) A fiduciary shall allocate to income proceeds of a contract
that insures the fiduciary against loss of occupancy or other use by an income beneficiary,
loss of income, or, subject to Section 19-3A-403, loss of profits from a business. (c) This
section does not apply to a contract to which Section 19-3A-409 applies. (Act 2000-675, p.
1343, ยง1.)...
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27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education for
the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission on Higher
Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan Program in
accordance with the Federal Student Loan Law, and empowered to promulgate such rules, regulations,
policies, and procedures as may be reasonable and proper in order to carry out the provisions
and purposes of this chapter. Without limiting the generality of the foregoing, the ACHE is
authorized and empowered: (1) To establish regulations deemed necessary to comply with federal
regulations and legislation relative to guaranteed student loans and the Federal Student Loan
Law. (2) To establish eligibility criteria for participating postsecondary educational institutions.
(3) To establish reasonable eligibility criteria for the initial and continuing participation
of approved lenders in the student loan program. (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33B-4.htm - 10K - Match Info - Similar pages
11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
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44-2-10
Section 44-2-10 Text of compact. The Interstate Compact for Juveniles is enacted into law and
entered into with all jurisdictions mutually adopting the compact in the form substantially
as follows: THE INTERSTATE COMPACT FOR JUVENILES Article I. Purpose. The compacting states
to this interstate compact recognize that each state is responsible for the proper supervision
or return of juveniles, delinquents and status offenders who are on probation or parole and
who have absconded, escaped or run away from supervision and control and in so doing have
endangered their own safety and the safety of others. The compacting states also recognize
that each state is responsible for the safe return of juveniles who have run away from home
and in doing so have left their state of residence. The compacting states also recognize that
Congress, by enacting the Crime Control Act, 4 U.S.C. Section 112 (1965), has authorized and
encouraged compacts for cooperative efforts and mutual assistance in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/44-2-10.htm - 39K - Match Info - Similar pages
19-3A-404
Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent
not allocated to income under this chapter, assets received from a transferor during the transferor's
lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under
a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules
in Section 19-3A-401 through Section 19-3A-415, money or other property received from the
sale, exchange, liquidation, or change in form of a principal asset, including realized profit;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described
in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds
of property taken by eminent domain, but a separate award made for the loss of income with
respect to an accounting period during which a current income beneficiary had a mandatory
income interest is income; (5) Net income received in an...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
19-3A-414
Section 19-3A-414 Derivative instruments and options. (a) In this section, "derivative
instrument" means a contract, a financial instrument, or a combination of contracts and
financial instruments which gives a trust the right or obligation to participate in some or
all changes in the price of a tangible or intangible asset or group of assets, or changes
in a rate, an index of prices or rates, or other market indicator for an asset or a group
of assets. (b) To the extent that a fiduciary does not account under Section 19-3A-403 for
transactions in derivative instruments, the fiduciary shall allocate to principal receipts
from and disbursements made in connection with those transactions. (c) If a fiduciary grants
an option to buy property from the trust, whether or not the trust owns the property when
the option is granted, grants an option that permits another person to sell property to the
trust, or acquires an option to buy property for the trust or an option to sell an asset owned...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-414.htm - 1K - Match Info - Similar pages
35-8A-313
Section 35-8A-313 Insurance. (a) Commencing not later than the time of the first conveyance
of a unit to a person other than a declarant, the association shall maintain, to the extent
reasonably available: (1) Property insurance on the common elements insuring against all risks
of direct physical loss commonly insured against or, in the case of a conversion building,
against fire and extended coverage perils. The total amount of insurance after application
of any deductibles shall be not less than the greater of 80 percent of the actual cash value
of the insured property at the time the insurance is purchased or such greater percentage
of such actual cash value as may be necessary to prevent the applicability of any co-insurance
provision and at each renewal date, exclusive of land, excavations, foundations, and other
items normally excluded from property policies; and (2) Liability insurance, including medical
payments insurance, in an amount determined by the board but not less than...
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