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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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23-7-20
Section 23-7-20 Securing of bonds - Trust indenture. (a) Bonds may be secured by a trust indenture
between the bank and a corporate trustee, which may be the State Treasurer or any bank having
trust powers or any trust company doing business in this state. A trust indenture may contain
provisions for protecting and enforcing the rights and remedies of the bondholders which are
reasonable and proper, including covenants setting forth the duties of the bank in relation
to the exercise of its powers and the custody, safekeeping, and application of its money.
The bank may provide by the trust indenture for the payment of the proceeds of the bonds and
all or any part of the revenues of the bank to the trustee under the trust indenture or to
some other depository, and for the method of its disbursement with safeguards and restrictions
prescribed by it. All expenses incurred in performing the obligations of the bank under the
trust indenture may be treated as part of its operating expenses....
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5-11A-32
Section 5-11A-32 Notice of transfer. (a) Within 30 days after the date of the transfer of the
fiduciary accounts, the transferor shall send written notice by first class mail to the last
known address (as then set forth on the records of the transferor, or if not set forth, as
may be determined by the transferor in the exercise of reasonable diligence) of the following
persons or entities: (1) For employee benefit plans, to the plan sponsors. (2) For individual
retirement accounts and retirement accounts for the self-employed, to the account owners.
(3) For agency and escrow accounts, to the principals. (4) For securities for which a transferor
bank serves as trustee, registrar, transfer agent or paying agent, to the issuers. (5) For
revocable trusts under agreement, to the settlors. (6) For irrevocable trusts under agreement,
to any co-fiduciary, to the settlor, to each current income beneficiary who is an adult, and
if a current income beneficiary is a minor, to a parent of the minor...
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11-104-3
Section 11-104-3 Establishment of trust or participation in multiple-employer trust; management
and control; taxation; validity; termination. (a) A governmental entity may adopt an ordinance,
bylaw, or resolution allowing for the establishment of a trust, or for the establishment of
participation in a multiple-employer trust with other governmental entities, for the sole
purpose of funding post-employment benefit obligations. The governmental entity may adopt
such ordinance, bylaw, or resolution through voting procedures and requirements currently
utilized by the governmental entity which are in accordance with state law. (b) Any trusts
created pursuant to this chapter shall be evidenced by a written trust instrument, the terms
and conditions of which shall be determined by and between the governmental entity or entities
and the applicable trustee, so long as such terms and conditions do not conflict with this
chapter. Each trust shall be managed and controlled by its respective...
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35-18-2
Section 35-18-2 Easement conveyed, recorded, assigned, etc.; term of easement; interest maintained;
condemnation. (a) Except as otherwise provided in this chapter, a conservation easement may
be created, conveyed, recorded, assigned, released, modified, terminated, or otherwise altered
or affected in the same manner as other easements. A conservation easement may not be created
or expanded under this chapter by any state, county, or local governmental body through the
exercise of the power of eminent domain. (b) No right or duty in favor of or against a holder
and no right in favor of a person having a third-party right of enforcement arises under a
conservation easement before its acceptance by the holder and a recordation of the acceptance.
(c) Except as provided in subsection (b) of Section 35-18-3, the term of a conservation easement
shall be the term stated in the instrument creating the easement or, if no term is stated,
the lesser of 30 years or the life of the grantor, or upon...
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35-5A-10
Section 35-5A-10 Manner of creating custodial property and effecting transfer; form of transfer;
control of custodial property. (a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security in registered form is either: a.
Registered in the name of the transferor, an adult other than the transferor, or a trust company,
followed in substance by the words: "as custodian for _____ (name of minor) under the
Alabama Uniform Transfers to Minors Act"; or b. Delivered if in certificated form, or
any document necessary for the transfer of an uncertificated security is delivered, together
with any necessary endorsement to an adult other than the transferor or to a trust company
as custodian, accompanied by an instrument in substantially the form set forth in subsection
(b); (2) Money is paid or delivered to a broker or financial institution for credit to an
account in the name of the transferor, an adult other than the transferor, or...
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40-2-11
Section 40-2-11 Powers and duties generally. It shall be the duty of the Department of Revenue,
and it shall have the power and authority, in addition to the authority now in it vested by
law: (1) To have and exercise general and complete supervision and control of the valuation,
equalization, and assessment of property, privilege, or franchise and of the collection of
all property, privilege, license, excise, intangible, franchise, or other taxes for the state
and counties, and of the enforcement of the tax laws of the state, and of the several county
tax assessors and county tax collectors, probate judges, and each and every state and county
official, board, or commission charged with any duty in the enforcement of tax laws, to the
end that all taxable property in the state shall be assessed and taxes shall be imposed and
collected thereon in compliance with the law and that all assessments on property, privileges,
intangibles, and franchises in the state shall be made in exact...
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19-1A-15
Section 19-1A-15 (Effective January 1, 2018) Fiduciary duty and authority. (a) The legal duties
imposed on a fiduciary charged with managing tangible property apply to the management of
digital assets, including: (1) the duty of care; (2) the duty of loyalty; and (3) the duty
of confidentiality. (b) A fiduciary's or a designated recipient's authority with respect to
a digital asset of a user: (1) except as otherwise provided in Section 19-1A-4, is subject
to the applicable terms of service; (2) is subject to other applicable law, including copyright
law; (3) in the case of a fiduciary, is limited by the scope of the fiduciary's duties; and
(4) may not be used to impersonate the user. (c) A fiduciary with authority over the property
of a decedent, protected person, principal, or settlor has the right to access any digital
asset in which the decedent, protected person, principal, or settlor had a right or interest
and that is not held by a custodian or subject to a terms-of-service...
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37-5-3
Section 37-5-3 Purpose and general powers. A district shall be created for the purpose of conducting
and operating a utility and, to carry out such purpose, shall have power and authority to
acquire, construct, reconstruct, operate, maintain, extend or improve any utility within or
without the district and to furnish, deliver and sell to the public and to any municipality
and to the state and any public institution heat, light and power service and any other service,
commodity or facility which may be produced or furnished in connection therewith. For said
purposes the district is granted and shall have and exercise the right freely to use and occupy
any public highway, street, way or place reasonably necessary to be used or occupied for the
maintenance and operation of such utility or any part thereof, subject to such local regulations
as may be imposed in connection therewith by any regulations of the governing body of the
municipality in which such highway, street, way or place is...
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45-38-141.05
Section 45-38-141.05 Powers of authority; rates and charges. (a) The authority shall have the
following powers, together with all powers incidental thereto or necessary to the discharge
thereof in corporate form: (1) To have succession by its corporate name for the duration of
time specified in its certificate of incorporation. (2) To sue and be sued in its own name
in civil actions, except as otherwise provided in this part, and to defend civil actions against
it. (3) To adopt and make use of a corporate seal and to alter the same at pleasure. (4) To
adopt and alter bylaws for the regulation and conduct of its affairs and business. (5) To
acquire, receive, and take, by purchase, gift, lease, devise, or otherwise, and to hold property
of every description, real, personal, or mixed, whether located in one or more counties and
whether located within or outside the service area. (6) To make, enter into, and execute such
contracts, agreements, leases, and other instruments and to take such...
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