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19-3D-2
Section 19-3D-2 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. DEFINITIONS.
In this chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY.
The property or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD.
A standard relating to an individual's health, education, support, or maintenance within the
meaning of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section
2514(c)(1), as amended, and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee
or other fiduciary, other than a settlor, that has the discretion to distribute or direct
a trustee to distribute part or all of the principal of the first trust to one or more current
beneficiaries; (B) a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs
fiduciary under Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present
or...
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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...
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19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of
a trustee, includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating
to an individual's health, education, support, or maintenance within the meaning of Section
2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January
1, 2007, or as later amended. (3) BENEFICIARY means a person that: (A) has a present or future
beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that
of trustee, holds a power of appointment over trust property. (4) CHARITABLE TRUST means a
trust, or portion of a trust, created for a charitable purpose described in Section
19-3B-405(a). (5) CONSERVATOR means a person appointed by the court to administer the estate
of a minor or adult individual. (6) ENVIRONMENTAL LAW means a federal, state, or local law,
rule, regulation, or ordinance relating to protection of the environment. (7) GUARDIAN means
a...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise
requires, the following terms shall have the meanings respectively ascribed to them by this
section: (1) APPARENT OWNER. A person whose name appears on the records of a holder
as the person entitled to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION.
A corporation, joint stock company, investment company, partnership, unincorporated association,
joint venture, limited liability company, business trust, trust company, safe deposit company,
financial organization, insurance company, mutual fund, utility, or other business entity
consisting of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
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35-4A-5
Section 35-4A-5 Exclusions from statutory rule against perpetuities. Section
35-4A-2, the statutory rule against perpetuities, does not apply to: (1) a nonvested property
interest or a power of appointment arising out of a nondonative transfer, except a nonvested
property interest or a power of appointment arising out of (i) a premarital or postmarital
agreement, (ii) a separation or divorce settlement, (iii) a spouse's election, (iv) a similar
arrangement arising out of a prospective, existing, or previous marital relationship between
the parties, (v) a contract to make or not to revoke a will or trust, (vi) a contract to exercise
or not to exercise a power of appointment, (vii) a transfer in satisfaction of a duty of support,
or (viii) a reciprocal transfer; (2) a fiduciary's power relating to the administration or
management of assets, including the power of a fiduciary to sell, lease, or mortgage property,
and the power of a fiduciary to determine principal and income; (3) a power...
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5-1A-2
Section 5-1A-2 Definitions. For the purposes of Chapters 1A through 12A of this title,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) BANK. Any banking corporation or trust company organized under the laws of this state
under the jurisdiction of the superintendent of banks of this state or organized under the
laws of the United States having its principal place of business in this state. (2) SUPERINTENDENT.
The Superintendent of Banks of this state. (3) RECEIVERSHIP COURT. The circuit court of the
county in which is located the principal office of a bank in receivership. (4) NATIONAL BANK.
A national banking association organized pursuant to 12 U.S.C. ยง 21. (5) CAPITAL. The sum
of the par value of the authorized shares of a bank which have been issued and remain outstanding.
(6) SURPLUS. The aggregate of the amounts transferred to surplus pursuant to Section
5-5A-21 and any amounts subsequently designated as such by action of the board...
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19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section
if all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
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36-31-1
Section 36-31-1 Designation and prescription of powers and duties of trustees. Each
governing body in the State of Alabama including the council, commission or similar governing
body of each municipal corporation, the board of directors of each incorporated municipal
board, the county commission of each county, the board of education of each city, the board
of education of each county, the board of directors of each county or municipal hospital,
each gas district, any other county or municipal public corporation, agency or authority and
the board of trustees, board of managers, board of control or similar governing body of each
state agency or institution of education, learning, training or correction or for the delinquent,
insane, sick, deaf, dumb, blind, needy, juvenile or aged, now existing or established after
September 16, 1963, may designate a bank (whether a national bank or banking association or
a banking or trust company operating under the jurisdiction of the Superintendent...
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11-65-16
Section 11-65-16 Review of application for horse racing facility license. (a) A commission
shall promptly consider any application for the issuance or transfer of a horse racing facility
license submitted to it and shall grant or deny the issuance or transfer of such license based
on all information before it, including the results of investigations it deems appropriate.
A commission shall deny the issuance of an original horse racing facility license to any applicant
unless it finds that the applicant's facility will meet the following minimum standards: (1)
That the facilities will provide a track racing surface of at least one mile; (2) That the
facility will be appropriate for the conduct of horse racing year-round and at night; and
(3) That the facility will be located within the boundaries of the commission municipal jurisdiction
or will be located on land in the host county and annexed to the sponsoring municipality prior
to the commencement of racing. (b) A commission shall...
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11-65-19
Section 11-65-19 Review of application for operator's license. (a) A commission shall
promptly consider any application for the issuance or transfer of an operator's license submitted
to it and shall grant or deny the issuance or transfer of such license based on all information
before it, including the results of investigations it deems appropriate. A commission shall
deny a license to any applicant unless it finds as follows: (1) That such applicant is a business
entity, whether a corporation, partnership, or other kind of organization, possessing the
organizational substance, financial soundness, managerial capability, and business experience
with racing and pari-mutuel wagering operations, or with businesses requiring similar managerial
experience and skill, that, in the reasonable judgment of the commission, are necessary to
conduct horse racing and pari-mutuel wagering thereon or greyhound racing and pari-mutuel
wagering thereon, as the case may be, at the location for which an...
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