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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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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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19-3D-15
Section 19-3D-15 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 LIMITATION ON
DECANTING. (a) An authorized fiduciary may not exercise the decanting power to the extent
the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2)
a power granted by state law to the fiduciary to distribute part or all of the principal of
the trust to another trust or to modify the trust. (b) Exercise of the decanting power is
subject to any restriction in the first-trust instrument that expressly applies to exercise
of: (1) the decanting power; or (2) a power granted by state law to a fiduciary to distribute
part or all of the principal of the trust to another trust or to modify the trust. (c) A general
prohibition of the amendment or revocation of a first trust, a spendthrift clause, or a clause
restraining the voluntary or involuntary transfer of a beneficiary's...
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19-3D-7
Section 19-3D-7 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. NOTICE; EXERCISE OF
DECANTING POWER. (a) In this section, a notice period begins on the day notice is given under
subsection (c) and ends 59 days after the day notice is given. (b) Except as otherwise provided
in this chapter, an authorized fiduciary may exercise the decanting power without the consent
of any person and without court approval. (c) Except as otherwise provided in subsection (f),
an authorized fiduciary shall not exercise the decanting power prior to 60 days after giving
record notice of the intended exercise of the decanting power to: (1) each settlor of the
first trust, if living or then in existence; (2) each qualified beneficiary of the first trust;
(3) each holder of a presently exercisable power of appointment over any part or all of the
first trust; (4) each person that currently has the right to...
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19-3B-1304
Section 19-3B-1304 Trusts for employees or self-employed persons. (a) A trust of real or personal
property or real and personal property combined: (1) which is created by an employer as part
of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan,
for the exclusive benefit of some or all his or her employees, to which contributions are
made by such employer or employees, or both, for the purpose of distribution to such employees
the earnings of the principal, or both earnings and principal of the fund so held in trust;
or (2) which is created by a self-employed person or group of self-employed persons and: a.
which is part of a retirement, disability, or death benefit plan for such self-employed person
or persons; and b. contributions to which are deductible, in whole or in part, from gross
income for federal income tax purposes under the internal revenue laws of the United States;
or (3) which is created for the collective investment of the funds...
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19-3B-814
Section 19-3B-814 Discretionary powers; tax savings. (a) Notwithstanding the breadth of discretion
granted to a trustee in the terms of the trust, including the use of such terms as "absolute,"
"sole," or "uncontrolled," the trustee shall exercise a discretionary
power in good faith and in accordance with the terms and purposes of the trust and the interests
of the beneficiaries. (b) Subject to subsection (d), and unless the terms of the trust expressly
indicate that a rule in this subsection does not apply: (1) a person other than a settlor
who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary
distributions to or for the trustee's personal benefit may exercise the power only in accordance
with an ascertainable standard; and (2) a trustee may not exercise a power to make discretionary
distributions to satisfy a legal obligation of support that the trustee personally owes another
person. (c) A power whose exercise is limited or prohibited...
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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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40-18-29
Section 40-18-29 Fiduciary returns. (a) Every fiduciary, except receivers appointed by authority
of law in possession of part only of the property of a taxpayer, shall make a return for the
taxpayer for whom he acts, first, if the net income of such taxpayer is $1,500 or over, if
single or if married and not living with husband or wife, or $3,000 or over, if married and
living with husband or wife, or second, if the net income of such taxpayer, if an estate or
trust, is $1,500 or over, or if any beneficiary is a taxpayer other than a resident of the
state, which returns shall state specifically the items of the gross income and the deductions,
exemptions and credits allowed by this chapter under such regulations as the Department of
Revenue may prescribe, a return made by one or two or more joint fiduciaries and filed in
the office of the Department of Revenue shall be a sufficient compliance with the above requirement.
The fiduciary shall certify that he has sufficient knowledge of...
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38-9B-5
Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT
2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation.
The board of trustees shall execute all documents necessary to establish and administer the
AFT Corporation including, but not limited to, documents to form a not-for-profit corporation
and to qualify as an organization pursuant to Section 501(c)(3) of the United States Internal
Revenue Code. (b) The AFT Corporation shall establish the AFT Trust and the AFT Charitable
Trust, and the board of trustees shall administer the AFT Trust and the AFT Charitable Trust
through the AFT Corporation. The board of trustees and the AFT Corporation shall take all
steps necessary to satisfy all federal and state laws, and all regulations, rules, and policies
established by the federal Social Security Administration to ensure...
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