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19-3B-1012
Section 19-3B-1012 Protection of person dealing with trustee. (a) A person other than a beneficiary
who in good faith assists a trustee, or who in good faith and for value deals with a trustee,
without knowledge that the trustee is exceeding or improperly exercising the trustee's powers
is protected from liability as if the trustee properly exercised the power. (b) A person other
than a beneficiary who in good faith deals with a trustee is not required to inquire into
the extent of the trustee's powers or the propriety of their exercise. (c) A person who in
good faith delivers assets to a trustee need not ensure their proper application. (d) A person
other than a beneficiary who in good faith assists a former trustee, or who in good faith
and for value deals with a former trustee, without knowledge that the trusteeship has terminated
is protected from liability as if the former trustee were still a trustee. (e) Comparable
protective provisions of other laws relating to commercial...
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26-2A-151
Section 26-2A-151 Persons dealing with conservators; protection. (a) A person who in good faith
either assists or deals with a conservator for value in any transaction other than those requiring
a court order as provided in Section 26-2A-136 is protected as if the conservator properly
exercised the power. The fact that a person knowingly deals with a conservator does not alone
require the person to inquire into the existence of a power or the propriety of its exercise,
but restrictions on powers of conservators which are endorsed on letters as provided in Section
26-2A-154 are effective as to third persons. A person is not bound to see to the proper application
of estate assets paid or delivered to a conservator. (b) The protection expressed in this
section extends to any procedural irregularity or jurisdictional defect occurring in proceedings
leading to the issuance of letters and is not a substitution for protection provided by comparable
provisions of the law relating to commercial...
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43-2-842
Section 43-2-842 Persons dealing with personal representative; protection. A person who, in
good faith, either assists a personal representative or deals with the personal representative
for value is protected as if the personal representative properly exercised the power. The
fact that a person knowingly deals with a personal representative does not alone require the
person to inquire into the existence of a power or the propriety of its exercise. Except for
restrictions on powers of personal representatives which are endorsed on the letters, no provision
in any will or order of court purporting to limit the power of a personal representative is
effective except as to persons with actual knowledge thereof. A person is not bound to see
to the proper application of estate assets paid or delivered to a personal representative.
The protection here expressed extends to instances in which some procedural irregularity or
jurisdictional defect occurred in proceedings leading to the issuance...
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19-3B-814
Section 19-3B-814 Discretionary powers; tax savings. (a) Notwithstanding the breadth of discretion
granted to a trustee in the terms of the trust, including the use of such terms as "absolute,"
"sole," or "uncontrolled," the trustee shall exercise a discretionary
power in good faith and in accordance with the terms and purposes of the trust and the interests
of the beneficiaries. (b) Subject to subsection (d), and unless the terms of the trust expressly
indicate that a rule in this subsection does not apply: (1) a person other than a settlor
who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary
distributions to or for the trustee's personal benefit may exercise the power only in accordance
with an ascertainable standard; and (2) a trustee may not exercise a power to make discretionary
distributions to satisfy a legal obligation of support that the trustee personally owes another
person. (c) A power whose exercise is limited or prohibited...
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19-3B-808
Section 19-3B-808 Powers to direct. (a) While a trust is revocable, the trustee may follow
a direction of the settlor that is contrary to the terms of the trust. (b) If the terms of
a trust confer upon a person other than the settlor of a revocable trust power to direct certain
actions of the trustee, then the trustee shall act in accordance with an exercise of the power
unless the attempted exercise is manifestly contrary to the terms of the trust or the trustee
knows the attempted exercise would constitute a serious breach of a fiduciary duty that the
person holding the power owes to the beneficiaries of the trust. (c) The terms of a trust
may confer upon a trustee or other person a power to direct the modification or termination
of the trust. (d) A person, other than a beneficiary, who holds a power to direct is presumptively
a fiduciary who, as such, is required to act in good faith with regard to the purposes of
the trust and the interests of the beneficiaries. The holder of a...
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19-3B-105
Section 19-3B-105 Default and mandatory rules. (a) Except as otherwise provided in the terms
of the trust, this chapter governs the duties and powers of a trustee, relations among trustees,
and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision
of this chapter except: (1) the requirements for creating a trust; (2) the duty of a trustee
to act in good faith and in accordance with the terms and purposes of the trust and the interest
of the beneficiaries; (3) the requirement that a trust and its terms be for the benefit of
its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public
policy, and possible to achieve; (4) the power of the court to modify or terminate a trust
under Sections 19-3B-410 through 19-3B-416; (5) the effect of a spendthrift provision and
the rights of certain creditors and assignees to reach a trust as provided in Article 5; (6)
the power of the court under Section 19-3B-702 to require,...
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19-3B-1013
Section 19-3B-1013 Certification of trust. (a) Instead of furnishing a copy of the trust instrument
to a person other than a beneficiary, the trustee may furnish to the person a certification
of trust containing the following information: (1) that the trust exists and the date the
trust instrument was executed; (2) the identity of the settlor; (3) the identity and address
of the currently acting trustee; (4) the powers of the trustee in a pending transaction or
relevant to the request; (5) the revocability or irrevocability of the trust and the identity
of any person holding a power to revoke the trust; (6) the authority of co-trustees to sign
or otherwise authenticate and whether all or less than all are required in order to exercise
powers of the trustee; (7) the trust's taxpayer identification number; and (8) the name in
which title to trust property may be taken. (b) A certification of trust may be signed or
otherwise authenticated by any trustee. (c) A certification of trust must...
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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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30-4-17
Section 30-4-17 Revocation of certain transferable interests in property upon divorce or annulment.
(a) In this section, the following terms have the following meanings: (1) DISPOSITION OR APPOINTMENT
OF PROPERTY. Includes a transfer of an item of property or any other benefit to a beneficiary
designated in a governing instrument. (2) DIVORCE or ANNULMENT. Any divorce or annulment,
or any dissolution or declaration of invalidity of a marriage, that would exclude the spouse
as a surviving spouse within the meaning of Section 43-8-252. A decree of separation that
does not terminate the status of husband and wife is not a divorce for purposes of this section.
(3) DIVORCED INDIVIDUAL. An individual whose marriage has been terminated by divorce or annulment.
(4) GOVERNING INSTRUMENT. An instrument executed by the divorced individual before the divorce
or annulment of his or her marriage to his or her former spouse. (5) RELATIVE OF THE DIVORCED
INDIVIDUAL'S FORMER SPOUSE. An individual who...
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19-3B-505
Section 19-3B-505 Creditor's claim against settlor. (a) Whether or not the terms of a trust
contain a spendthrift provision, the following rules apply: (1) During the lifetime of the
settlor, the property of a revocable trust is subject to claims of the settlor's creditors.
(2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach
the maximum amount that can be distributed to or for the settlor's benefit. If a trust has
more than one settlor, then the amount the creditor or assignee of a particular settlor may
reach may not exceed the settlor's interest in the portion of the trust attributable to that
settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right
to direct the source from which liabilities will be paid, the property of a trust that was
revocable immediately prior to the settlor's death is subject to claims of the settlor's creditors,
costs of administration of the settlor's estate, the expenses of the...
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