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19-3B-1005
Section 19-3B-1005 Limitation of action against trustee. (a) A beneficiary may not commence
a proceeding against a trustee for breach of trust more than two years after the date the
beneficiary or a representative of the beneficiary was sent a report that adequately disclosed
the existence of a potential claim for breach of trust. (b) A report adequately discloses
the existence of a potential claim for breach of trust if it provides sufficient information
so that the beneficiary or representative knows of the potential claim or should have inquired
into its existence. (c) If subsection (a) does not apply, then a judicial proceeding by a
beneficiary against a trustee for breach of trust must be commenced within two years after
the first to occur of: (1) the removal, resignation, or death of the trustee; (2) the termination
of the beneficiary's interest in the trust; or (3) the termination of the trust. (Act 2006-216,
p. 314, §1.)...
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19-3B-1001
Section 19-3B-1001 Remedies for breach of trust. (a) A violation by a trustee of a duty the
trustee owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has
occurred or may occur, the court may: (1) compel the trustee to perform the trustee's duties;
(2) enjoin the trustee from committing a breach of trust; (3) compel the trustee to redress
a breach of trust by paying money, restoring property, or other means; (4) order a trustee
to account; (5) appoint a special fiduciary to take possession of the trust property and administer
the trust; (6) suspend the trustee; (7) remove the trustee as provided in Section 19-3B-706;
(8) reduce or deny compensation to the trustee; (9) subject to Section 19-3B-1012, void an
act of the trustee, impose a lien or a constructive trust on trust property, or trace trust
property wrongfully disposed of and recover the property or its proceeds; or (10) order any
other appropriate relief. (Act 2006-216, p. 314, §1.)...
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19-5-5
Section 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes
into separate share trusts to effectuate allocation of grantor's, decedent's, or surviving
spouse's GST exemption. When a grantor or decedent transfers property into a trust which has,
or which pours into another trust which has, more than one beneficiary or class of beneficiaries
for GST purposes, and when the grantor or fiduciary allocates the grantor's or decedent's
GST exemption for the benefit of one or more, but less than all, beneficiaries or classes
of beneficiaries of such trust, or when the surviving spouse of the grantor or decedent, or
such surviving spouse's fiduciary, allocates the surviving spouse's GST exemption for the
benefit of one or more, but less than all, beneficiaries or classes of beneficiaries of such
trust, and when the instrument creating the trust does not specifically prohibit a fiduciary
from dividing such trust into separate share trusts, a fiduciary shall...
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27-17A-31
Section 27-17A-31 Deposits into trust; trustee responsibilities; interests in funds. (a) Any
person who is paid, collects, or receives funds under a preneed contract for funeral services
or funeral merchandise to be funded by trust shall deposit in trust an amount at least equal
to the sum of 75 percent of the amount collected on the purchase price for all funeral services
and funeral merchandise sold, transportation, and facilities rented other than outer burial
containers, 60 percent of the amount collected on the purchase price for outer burial containers,
110 percent of the wholesale cost of memorials from the amount collected on the purchase price
of memorials, and 100 percent of the amount collected on the purchase price for all cash advance
items sold. (b) All deposits shall be made within 30 days after the end of the calendar month
in which the preneed contract is paid in full, unless, prior to that time, all liabilities
of the seller under the preneed contract to deliver the...
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2-31-5
Section 2-31-5 Bond payable to state with commissioner as trustee; beneficiary of bond; cancellation;
trust fund agreement in lieu of bond requirements. Such bond shall be made payable to the
State of Alabama as obligee, with the commissioner as trustee, and shall be conditioned on
the grain dealer and his compliance with this article, and shall be for the use and benefit
of the producer from whom the grain dealer may purchase grain and who is not paid by such
grain dealer, and shall not be cancelled during the period for which the license is issued,
except upon at least 60 days notice in writing to the commissioner. In no such event shall
the total aggregate liability of surety exceed the face amount of its bond. In lieu of the
above bond requirements a grain dealer may file and maintain a bond equivalent in the form
of a trust fund agreement based upon cash, or fully negotiable bonds of the United States
government or of the State of Alabama. All other provisions of the above bond...
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19-3B-110
Section 19-3B-110 Others treated as qualified beneficiaries. (a) Whenever notice to qualified
beneficiaries of a trust is required under this chapter, the trustee must also give notice
to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization
expressly designated to receive distributions under the terms of a charitable trust has the
rights of a qualified beneficiary under this chapter if the charitable organization, on the
date of the charitable organization's qualification is being determined: (1) is a distributee
or a permissible distributee of trust income or principal; (2) would be a distributee or permissible
distributee of trust income or principal upon the termination of the interests of other distributees
or permissible distributees then receiving or eligible to receive distributions; or (3) would
be a distributee or permissible distributee of trust income or principal if the trust terminated
on that date. (c) A person appointed to...
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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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36-1-5
Section 36-1-5 Right to decline portion of benefit payable under retirement or pension and
relief system; disposition of amounts declined. Any person who is entitled to receive any
retirement pay or allowance, pension, survivor's benefit, disability benefit or other benefit
under any retirement system or pension and relief system established for the benefit of employees
either of the State of Alabama or any department, agency or institution thereof or of any
municipality, county or other subdivision of the state may, at such person's discretion, decline
to accept any portion of the retirement pay or allowance, pension, survivor's benefit, disability
benefit or other benefit which such person is entitled to receive. Each person wishing to
exercise the right granted in this section to decline any portion of any such payment, allowance,
pension or benefit shall file written notice thereof with the governing authority of the retirement
system or pension and relief system in such manner as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-1-5.htm - 2K - Match Info - Similar pages
19-3B-506
Section 19-3B-506 Overdue distribution. (a) In this section, "mandatory distribution"
means a distribution of income or principal that the trustee is required to make to a beneficiary
under the terms of the trust, including a distribution upon termination of the trust. The
term excludes a distribution subject to the exercise of the trustee's discretion regardless
of whether the terms of the trust (i) include a support or other standard to guide the trustee
in making distribution decisions or (ii) provide that the trustee "may" or "shall"
make discretionary distributions, including distributions pursuant to a support or other standard.
(b) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary
may compel a mandatory distribution of income or principal to a beneficiary, including a distribution
upon termination of the trust, if the trustee has not made the distribution to the beneficiary
within a reasonable time after the mandated distribution...
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7-3-307
Section 7-3-307 Notice of breach of fiduciary duty. (a) In this section: (1) "Fiduciary"
means an agent, trustee, partner, corporate officer or director, or other representative owing
a fiduciary duty with respect to an instrument. (2) "Represented person" means the
principal, beneficiary, partnership, corporation, or other person to whom the duty stated
in subdivision (1) is owed. (b) If (i) an instrument is taken from a fiduciary for payment
or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary,
and (iii) the represented person makes a claim to the instrument or its proceeds on the basis
that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
(1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented
person. (2) In the case of an instrument payable to the represented person or the fiduciary
as such, the taker has notice of the breach of fiduciary duty if the...
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