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11-86A-15
Section 11-86A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be a trust company or bank having trust powers, whether the trust company or bank is located
within or outside of the state. In any indenture or resolution providing for the issuance
of bonds, an authority may pledge, for payment of the principal of and the interest on such
bonds, any of its revenues to which its rights exist or may thereafter come into existence,
and may assign, as security for payment, any of its leases, franchises, permits, and contracts.
In any indenture, an authority may mortgage any properties, including any that may be thereafter
acquired by it, and may provide that in the event of a default in payment of the bonds secured
thereby or in the event of default with respect to any agreement contained therein, the mortgage
may be foreclosed either by sale at public outcry or by...
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11-94-12
Section 11-94-12 Bonds of authority - Indenture; lien; remedies of bondholders. In the discretion
of its board, any bonds issued by an authority may be secured by an indenture between an authority
and a trustee, which may be any trust company or bank having trust powers, whether such bank
or trust company is located within or without the state. In any such indenture or resolution
providing for the issuance of bonds an authority may pledge, for payment of the principal
of and the interest on such bonds, any of its revenues to which its right then exists or may
thereafter come into existence and may assign, as security for such payment, any of its leases,
franchises, permits and contracts; and in any such indenture, an authority may mortgage any
of its properties, including any that may be thereafter acquired by it, and may provide that
in the event of a default in payment of the bonds secured thereby or in the event of default
with respect to any agreement contained therein, such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-94-12.htm - 4K - Match Info - Similar pages
25-5-316
Section 25-5-316 Workers' Compensation Administrative Trust Fund; creation; management; trustee
and custodian; assessments; penalties. (a) There is established in the State Treasury a fund
entitled the Workers' Compensation Administrative Trust Fund, into which shall be deposited
certain assessments provided under Chapter 5 (commencing with Section 25-5-1) of Title 25
collected by the Department of Labor. The fund shall constitute a separate fund to be disbursed
by the state Comptroller on order of the Secretary of the Department of Labor. All expenses
incurred by the department under the Workers' Compensation Law, including the salaries of
all employees, travel cost, and any other cost of administration and enforcement as may become
necessary, either within or without the state, shall be paid from the separate fund in the
State Treasury upon warrants of the state Comptroller drawn upon the State Treasury from time
to time when vouchers therefor are approved by the secretary. The State...
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26-2A-150
Section 26-2A-150 Sale, encumbrance, or transaction involving conflict of interest; voidable;
exceptions. Any sale or encumbrance to or purchase from a conservator, the spouse, agent,
attorney of a conservator, any person related to the conservator by blood or marriage within
the fourth degree, or any corporation, trust, or other organization in which the conservator
has a substantial beneficial interest, or any other transaction involving the estate being
administered by the conservator which is affected by a substantial conflict between fiduciary
and personal interests is voidable unless the transaction is approved by the court after notice
as directed by the court. (Acts 1987, No. 87-590, p. 975, §2-321.)...
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35-5A-7
Section 35-5A-7 Other transfer by fiduciary. (a) Subject to subsection (c), a personal representative
or trustee may make an irrevocable transfer to another adult or trust company as custodian
for the benefit of a minor pursuant to Section 35-5A-10, in the absence of a will or under
a will or trust that does not contain an authorization to do so. (b) Subject to subsection
(c), a conservator may make an irrevocable transfer to another adult or trust company as custodian
for the benefit of the minor pursuant to Section 35-5A-10. (c) A transfer under subsection
(a) or (b) may be made only if (1) the personal representative, trustee, or conservator considers
the transfer to be in the best interest of the minor, (2) the transfer is not prohibited by
or inconsistent with provisions of the applicable will, trust agreement, or other governing
instrument, and (3) transfers to a custodian for the benefit of a minor do not exceed $10,000
in aggregated value. (Acts 1986, No. 86-453, p. 819, §6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-5A-7.htm - 1K - Match Info - Similar pages
19-3B-108
Section 19-3B-108 Principal place of administration. (a) Without precluding other means for
establishing a sufficient connection with the designated jurisdiction, terms of a trust designating
the principal place of administration are valid and controlling if: (1) a trustee's principal
place of business is located in or a trustee is a resident of the designated jurisdiction;
or (2) all or part of the administration occurs in the designated jurisdiction. (b) A trustee
shall administer the trust at a place appropriate to its purposes, its administration, and
the interests of the beneficiaries; provided, however, a trustee shall not be required to
transfer the trust's principal place of administration to another state or to a jurisdiction
outside of the United States. (c) Without precluding the right of the court to order, approve,
or disapprove a transfer, the trustee may transfer the trust's principal place of administration
to another state or to a jurisdiction outside of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-108.htm - 4K - Match Info - Similar pages
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....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-20.htm - 3K - Match Info - Similar pages
38-9B-6
Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No life beneficiary
shall have any vested or property rights or interests in the AFT Trust, nor shall any life
beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber
any interest in the income or principal of the AFT Trust nor shall the income or principal
be or any interest of any life beneficiary thereunder be liable for any debt incurred by the
life beneficiary, nor shall the principal or income of the AFT Trust Fund be subject to seizure
by any creditor of any life beneficiary under any writ or proceeding in law or in equity.
(b) Except for the right of a contributor who is not and whose spouse is not a life beneficiary
to revoke any contribution made to the AFT Trust, pursuant to subdivision (5) of subsection
(c) of Section 38-9B-5, neither the settlor, contributor, nor any acting co-trustee has the
right to sell, assign, convey, alienate, or otherwise encumber, for...
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11-104-4
Section 11-104-4 Trustees. (a) A governmental entity or entities may retain as a trustee any
financial institution, committee, association, person, or persons which it deems capable,
competent, experienced, and appropriate for serving in such capacity. (b) The powers and duties
of the trustee shall be evidenced in and determined by the written trust agreement between
the trustee and the governmental entity or entities. (c) The trustee shall cause the annual
financial statements of the trust to be prepared in accordance with generally accepted accounting
principles and an audit by a qualified independent certified accounting firm to be conducted
of those financial statements of each respective trust for each fiscal year in accordance
with generally accepted auditing standards. (d) Reasonable trustee fees and the reasonable
expenses of holding, making, and disposing of investments, such as brokerage commissions,
legal expenses referable to a particular transaction, transfer taxes, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-104-4.htm - 1K - Match Info - Similar pages
8-8-5
Section 8-8-5 Maximum rates of interest - Loans, credit sales, etc., of $2,000 or more to individuals,
corporations, trusts, partnerships, or associations. (a) Any person or persons, corporations,
trust, general partnership or partnerships, limited partnership or partnerships, or association
may agree to pay such rate or rates of interest for the loan or forbearance of money and for
any credit sales as such person, corporation, trust, general partnership, limited partnership,
or association may determine, notwithstanding any law of this state otherwise prescribing
or limiting such rate or rates of interest; provided, that the original principal balance
of the loan or forbearance of money or credit sales is not less than $2,000; provided further,
that all laws relating to unconscionability in consumer transactions including but not limited
to the provisions of Chapter 19 of Title 5, known as the Mini-Code, shall apply to transactions
covered by this section. (b) As to any such loan or...
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