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43-2-843
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except as
restricted or otherwise provided by the will or by an order of court and subject to the priorities
stated in Section 43-8-76, a personal representative, acting prudently for the benefit of
the interested persons, may properly: (1) Retain assets owned by the decedent pending distribution
or liquidation including those in which the representative is personally interested or which
are otherwise improper for trust investment. (2) Receive assets from fiduciaries, or other
sources. (3) Perform, compromise, or refuse performance of the decedent's contracts that continue
as obligations of the estate, as the personal representative may determine under the circumstances.
In performing enforceable contracts by the decedent to convey or lease land, the personal
representative, among other possible courses of action, may do either of the following: a.
Execute and deliver a deed of conveyance for cash...
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19-3B-602
Section 19-3B-602 Revocation or amendment of revocable trust. (a) Unless the terms of a trust
expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
This subsection does not apply to a trust created under an instrument executed before January
1, 2007. (b) If a revocable trust is created or funded by more than one settlor, then: (1)
to the extent the trust consists of community property, the trust may be revoked by either
spouse acting alone but may be amended only by joint action of both spouses; (2) to the extent
the trust consists of property other than community property, each settlor may revoke or amend
the trust with regard to the portion of the trust property attributable to that settlor's
contribution; and (3) upon the revocation or amendment of the trust by fewer than all of the
settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
(c) The settlor may revoke or amend a revocable trust: (1) by...
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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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22-29-10
Section 22-29-10 Bonds - Presumption of validity; contest of validity. Each authorizing resolution
or an indenture of trust provided for therein shall contain a recital that the bonds therein
authorized are issued pursuant to the provisions of this chapter, which recital shall be conclusive
evidence that said bonds have been duly authorized pursuant to the provisions of this chapter,
notwithstanding the provisions of any other law now in force or hereafter enacted or amended.
Upon the passage of any authorizing resolution, the authority may, in its discretion, cause
to be published once in each of two consecutive weeks in a newspaper published and having
general circulation in the City of Montgomery, Alabama, a notice in substantially the following
form (the blanks being properly filled in): "Alabama Pollution Control Finance Authority,
an agency of the State of Alabama, on the _____ day of _____, 20__, adopted a resolution providing
for the issuance of $_____ principal amount of bonds...
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19-3B-408
Section 19-3B-408 Trust for care of animal. (a) A trust may be created to provide for the care
of an animal alive during the settlor's lifetime. The trust terminates upon the death of the
animal or, if the trust was created to provide for the care of more than one animal alive
during the settlor's lifetime, upon the death of the last surviving animal. (b) A trust authorized
by this section may be enforced by a person appointed in the terms of the trust or, if no
person is so appointed, by a person appointed by the court. A person having an interest in
the welfare of the animal may request the court to appoint a person to enforce the trust or
to remove a person appointed. (c) Property of a trust authorized by this section may be applied
only to its intended use, except to the extent the court determines that the value of the
trust property exceeds the amount required for the intended use. Except as otherwise provided
in the terms of the trust, property not required for the intended use...
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19-3B-813
Section 19-3B-813 Duty to inform and report. (a) Except as otherwise provided in Section 19-3B-603,
the following rules apply: (1) A trustee shall keep the current permissible distributees of
income or principal of the trust reasonably informed about the administration of the trust
and of the material facts necessary for them to protect their interests. (2) Unless unreasonable
under the circumstances, a trustee shall promptly respond to a qualified beneficiary's request
for information related to the administration of the trust. (b) A trustee: (1) upon request
of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries
of the acceptance and of the trustee's name, address, and telephone number; (3) within 60
days after accepting the trusteeship of an irrevocable trust, or the date the trustee acquires
knowledge that a formerly revocable trust has become irrevocable,...
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40-15B-3
Section 40-15B-3 Apportionment by will or other dispositive instrument. (a) Except as otherwise
provided in subsection (c), the following rules apply: (1) To the extent that a provision
of a decedent's will expressly and unambiguously directs the apportionment of an estate tax,
the tax must be apportioned accordingly. (2) Any portion of an estate tax not apportioned
pursuant to paragraph (1) must be apportioned in accordance with any provision of a revocable
trust of which the decedent was the settlor which expressly and unambiguously directs the
apportionment of an estate tax. If conflicting apportionment provisions appear in two or more
revocable trust instruments, the provision in the most recently dated instrument prevails.
For purposes of this paragraph: (A) a trust is revocable if it was revocable immediately after
the trust instrument was executed, even if the trust subsequently becomes irrevocable; and
(B) the date of an amendment to a revocable trust instrument is the date of...
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19-3D-6
Section 19-3D-6 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. REASONABLE RELIANCE.
A trustee or other person that reasonably relies on the validity of a distribution of part
or all of the property of a trust to another trust, or a modification of a trust, under this
chapter, laws of this state other than this chapter, or the law of another jurisdiction is
not liable to any person for any action or failure to act as a result of the reliance. (Act
2018-519, §6.)...
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19-3B-401
Section 19-3B-401 Methods of creating trust. A trust may be created by: (1) transfer of property
to another person as trustee during the settlor's lifetime or by will or other disposition
taking effect upon the settlor's death; (2) declaration by the owner of property that the
owner holds identifiable property as trustee; (3) exercise of a power of appointment in favor
of a trustee; or (4) a court in the exercise of its equitable powers. (Act 2006-216, p. 314,
§1.)...
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26-1A-211
Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates,
trusts, and other beneficial interests" means a trust, probate estate, guardianship,
conservatorship, escrow, or custodianship or a fund from which the principal is, may become,
or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to estates,
trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt
for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or
obtain money or another thing of value to which the principal is, may become, or claims to
be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit
of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution,...
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