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19-3B-201
Section 19-3B-201 Role of court in administration of trust. (a) The court may intervene in
the administration of a trust to the extent its jurisdiction is invoked by an interested person
or as provided by law. (b) A trust is not subject to continuing judicial supervision unless
ordered by the court. (c) A judicial proceeding involving a trust may relate to any matter
involving the trust's administration, including a request for instructions and an action to
declare rights. (d) A judicial proceeding involving a trust may relate to any matter involving
the trust's administration, including, but not being limited to a proceeding to: (1) request
instructions; (2) determine the existence or nonexistence of any immunity, power, privilege,
duty or right; (3) approve a nonjudicial settlement; (4) interpret or construe the terms of
the trust; (5) determine the validity of a trust or of any of its terms; (6) approve a trustee's
report or accounting or compel a trustee to report or account; (7)...
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19-3B-202
Section 19-3B-202 Jurisdiction over trustee and beneficiary. (a) A trustee submits personally
to the jurisdiction of the courts of this state regarding any matter involving a trust: (1)
by accepting the trusteeship of a trust whose settlor was a resident of this state at the
time of the trust's creation, or in the case of testamentary trusts, the settlor was a resident
of this state at death; (2) by accepting the trusteeship of a trust having its principal place
of administration in this state; or (3) by moving the principal place of administration of
the trust to this state. Notwithstanding the foregoing, subsection (a)(1) shall not apply
if the settlor designates the law of a jurisdiction other than this state to govern the trust.
(b) With respect to their interests in the trust, the beneficiaries of a trust having its
principal place of administration in this state are subject to the jurisdiction of the courts
of this state regarding any matter involving the trust. By accepting a...
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19-3D-3
Section 19-3D-3 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. SCOPE. (a) Except as
otherwise provided in subsections (b) and (c), this chapter applies to an express trust that
is irrevocable, or revocable by the settlor only with the consent of the trustee or a person
holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable
purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise
of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder,
or other person to distribute or appoint property in further trust or to modify a trust under
the trust instrument, laws of this state other than this chapter, common law, a court order,
or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor
to provide in a trust instrument for the distribution...
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25-4-9
Section 25-4-9 Employing unit. "Employing unit," as used in this chapter, means any
individual or type of organization, including any partnership, association, trust estate,
joint stock company or corporation, whether domestic or foreign, or the receiver, trustee
in bankruptcy, trustee or successor thereof, or the legal representative of a deceased person,
which has, or subsequent to January 1, 1935, had in its employ one or more individuals performing
services for it within this state. All individuals performing services within this state for
any employing unit which maintains two or more separate establishments within this state shall
be deemed to be employed by a single employing unit for all the purposes of this chapter.
(Acts 1939, No. 497, p. 721; Code 1940, T. 26, §183.)...
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10-13-2
Section 10-13-2 Definitions. As used in this chapter, unless the context otherwise requires,
the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE
INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held,
managed, administered, controlled, invested, or disposed of for the benefit and profit of
any person who may become shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 858, inclusive, of the U.S. Internal Revenue Code, and the rulings
and regulations adopted thereunder. (2) SHARE. A transferable unit of beneficial interest
in a real estate investment trust. (3) SHAREHOLDER. The holder of a transferable unit of beneficial
interest in a real estate investment trust. (Acts 1995, No. 95-628, p. 1317, §2.)...
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10A-10-1.02
Section 10A-10-1.02 Definitions. As used in this chapter, unless the context otherwise requires,
the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE
INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held,
managed, administered, controlled, invested, or disposed of for the benefit and profit of
any person who may become a shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 860, inclusive, of the U.S. Internal Revenue Code, as amended
from time to time, and the rulings and regulations adopted thereunder. (2) SHARE. A transferable
unit of beneficial interest in a real estate investment trust. (3) SHAREHOLDER. The holder
of a transferable unit of beneficial interest in a real estate investment trust. (Acts 1995,
No. 95-628, p. 1317, §2; §10-13-2; amended and renumbered by Act 2009-513, p. 967, §308.)...
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19-3B-205
Section 19-3B-205 Judicial accountings and settlements. (a) A trustee may file an accounting
of the trustee's administration of a trust in court at any time and seek a partial or final
settlement thereof or, upon petition of an interested party, a court may order a trustee to
render an accounting of the trustee's administration of a trust and require a partial or final
settlement thereof. Notice of such judicial proceeding shall be provided to the trustee and
each beneficiary, or representative thereof pursuant to Article 3, as provided by the applicable
rules of civil procedure. (b) A trust accounting must be a reasonably understandable report
from the date of the last accounting or, if none, from the date upon which the trustee became
accountable, or other such date the court may set, which provides reasonable detail of the
transactions affecting the administration of the trust, and which adequately discloses the
following information: (1) The accounting must identify the trust, the...
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19-3B-409
Section 19-3B-409 Noncharitable trust without ascertainable beneficiary. Except as otherwise
provided in Section 19-3B-408 or by another statute, the following rules apply: (1) A trust
may be created for a noncharitable purpose without a definite or definitely ascertainable
beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee.
The trust may not be enforced for more than 21 years. (2) 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. (3) 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 must be distributed
to the settlor, if then living, otherwise to the settlor's...
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19-3D-13
Section 19-3D-13 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. TRUST FOR BENEFICIARY
WITH DISABILITY. (a) In this section the following terms have the following meanings: (1)
BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized fiduciary
believes may qualify for governmental benefits based on disability, whether or not the beneficiary
currently receives those benefits or is an individual who has been adjudicated incompetent
or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a state, federal,
or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust that has a beneficiary
with a disability: (A) a trustee or other fiduciary, other than a settlor, that has discretion
to distribute part or all of the principal of a first trust to one or more current beneficiaries;
(B) if no trustee or fiduciary has discretion under...
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40-25-40
Section 40-25-40 Definitions. For the purpose of this article, the following terms shall have
the respective meanings ascribed to them in this section: (1) PERSON. Any individual, firm,
company, partnership, association, corporation, receiver or trustee, or any other group or
combination acting as a unit, and the plural as well as the singular number. (2) DEPARTMENT.
The Department of Revenue of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue
of the State of Alabama. (4) STORAGE. Any keeping or retention in this state for any purpose
except sale in the regular course of business or subsequent use solely outside this state
of the commodities subject to the provisions of this article. (5) USE. The exercise of any
right or power over the commodities subject to the provisions of this article, incident to
the ownership of those commodities or by any transaction where possession is given; except,
that it shall not include the sale of those commodities in the regular...
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