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19-3B-414
Section 19-3B-414 Modification or termination of uneconomic trust. (a) After notice to the
qualified beneficiaries, the trustee of a trust consisting of trust property having a total
value less than $50,000 may terminate the trust if the trustee concludes that the value of
the trust property is insufficient to justify the cost of administration. (b) The court may
modify or terminate a trust or remove the trustee and appoint a different trustee if it determines
that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust
property in a manner consistent with the purposes of the trust. (d) This section does not
apply to an easement for conservation or preservation. (Act 2006-216, p. 314, §1.)...
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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-412
Section 19-3B-412 Modification or termination because of unanticipated circumstances or inability
to administer trust effectively. (a) The court may modify the administrative or dispositive
terms of a trust or terminate the trust if, because of circumstances not anticipated by the
settlor, modification or termination will further the purposes of the trust. To the extent
practicable, the modification must be made in accordance with the settlor's probable intention.
(b) The court may modify the administrative terms of a trust if continuation of the trust
on its existing terms would be impracticable or wasteful or impair the trust's administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust
property in a manner consistent with the purposes of the trust. (Act 2006-216, p. 314, §1.)...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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19-3-24
Section 19-3-24 Duty of trustee to make inventory; filing of copies; supplemental inventories.
It is the duty of the trustee of an express trust created for the payment of debts, within
20 days after entering upon the execution of such trust, to make an inventory of the entire
trust property so far as the same has come to his possession or knowledge, describing the
real estate and grouping and classifying the personal property in as brief and comprehensive
manner as may be consistent with its proper identification and appraisement, and stating the
amount and character of all choses in action, with the names of debtors, belonging to the
trust. In reducing such inventory to writing, the trustee must leave appropriate spaces opposite
each article or item, with proper caption, in which spaces the appraised value may be inserted
by the appraisers. The trustee must, within the time above stipulated, file, in the office
of the register or clerk of the county in which the most valuable portion...
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19-3B-1003
Section 19-3B-1003 Damages in absence of breach. (a) A trustee is accountable to an affected
beneficiary for any profit made by the trustee arising from the administration of the trust,
even absent a breach of trust. (b) Absent a breach of trust, a trustee is not liable to a
beneficiary for a loss or depreciation in the value of trust property or for not having made
a profit. (Act 2006-216, p. 314, §1.)...
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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-902
Section 19-3B-902 Standard of care; portfolio strategy; risk and return objectives. (a) A trustee
shall invest and manage trust assets as a prudent investor would, by considering the purposes,
terms, distribution requirements, and other circumstances of the trust. In satisfying this
standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee's
investment and management decisions respecting individual assets must be evaluated not in
isolation but in the context of the trust portfolio as a whole and as a part of an overall
investment strategy having risk and return objectives reasonably suited to the trust. (c)
Among circumstances that a trustee may consider in investing and managing trust assets are
such of the following as are relevant to the trust or its beneficiaries: (1) general economic
conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences
of investment decisions or strategies; (4) the role that each investment...
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19-3B-505
Section 19-3B-505 Creditor's claim against settlor. (a) Whether or not the terms of a trust
contain a spendthrift provision, the following rules apply: (1) During the lifetime of the
settlor, the property of a revocable trust is subject to claims of the settlor's creditors.
(2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach
the maximum amount that can be distributed to or for the settlor's benefit. If a trust has
more than one settlor, then the amount the creditor or assignee of a particular settlor may
reach may not exceed the settlor's interest in the portion of the trust attributable to that
settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right
to direct the source from which liabilities will be paid, the property of a trust that was
revocable immediately prior to the settlor's death is subject to claims of the settlor's creditors,
costs of administration of the settlor's estate, the expenses of the...
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45-8A-22.135
Section 45-8A-22.135 Amendment and termination. (a) Amendment of the Plan. (1) The retirement
board shall have the right at any time to amend the plan, subject to the limitations of this
section. Any such amendment must be consistent with this subpart, any other legislation relating
to the trust, and consistent with other authority granted to the retirement board. Additionally,
in the event that the Legislature amends this subpart or makes other statutory changes that
impact the terms of the plan, the retirement board shall cause the plan to be amended as necessary
to reflect such legislation. (2) Any amendment which affects the rights, duties, or responsibilities
of the trustee may only be made with the trustee's written consent. Any such amendment shall
become effective as provided therein upon its execution. The trustee shall not be required
to execute an amendment unless such amendment affects the duties of the trustee hereunder.
(3) Except as otherwise specifically provided for...
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