19-3B-105
Section 19-3B-105 Default and mandatory rules. (a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) the requirements for creating a trust; (2) the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interest of the beneficiaries; (3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; (4) the power of the court to modify or terminate a trust under Sections 19-3B-410 through 19-3B-416; (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5; (6) the power of the court under Section 19-3B-702 to require,...
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19-5-4
Section 19-5-4 Separate trusts for property transferred, etc., from another trust in order to preclude or minimize GST. If under the provisions of the governing instrument, property which is held in one trust (the "first trust") is to be transferred or poured over to, merged with, or otherwise combined with property in another trust (the "second trust") and property in the first trust is subject to different treatment for purposes of the GST from the property in the second trust, the fiduciary of the second trust is authorized, but not required, to retain the property in separate trusts in order to preclude or minimize the imposition of the GST upon transfers from either or both trusts, with other terms of each separate trust being substantially identical in all respects. (Acts 1988, No. 88-340, p. 516, §4.)...
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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.)...
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45-49A-63
Section 45-49A-63 Definitions. As used in this part, the following words and terms shall have meanings as follows: (1) ANNUITY STARTING DATE. The first day for which a benefit is payable as an annuity or any other form under Section 45-49A-63.80. (2) BENEFICIARY. The person or persons named by a member by written designation filed with the board to receive payments under this plan after the member's death. The member may not change his or her beneficiary after his or her annuity starting date. If no beneficiary designation is in effect at the member's death, or if no person so designated survives the member, the member's surviving spouse, if any, shall be deemed to be the beneficiary, otherwise the beneficiary shall be the member's estate. (3) BOARD. The Police and Fire Pension Board as constituted under Section 45-49A-63.120, or its delegate. (4) BREAK IN SERVICE. A period of absence which would constitute a break in the member's service under the Mobile County Personnel Board rules;...
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19-3D-22
Section 19-3D-22 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. SAVING PROVISION. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the power: (1) A provision in the second-trust instrument which is not permitted under this chapter is void to the extent necessary to comply with this chapter. (2) A provision required by this chapter to be in the second-trust instrument which is not contained in the instrument is deemed to be included in the instrument to the extent necessary to comply with this chapter. (b) If a trustee or other fiduciary of a second trust determines that subsection (a) applies to a prior exercise of the...
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5-7A-43
Section 5-7A-43 Continuation of identity, obligations, etc., of state bank. Upon such conversion, merger or consolidation becoming effective, the national bank shall be deemed to be a continuation of the entity and of the identity of the state bank and all the rights, obligations and relations of the state bank to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust and in, or in respect to, any executorship or trusteeship or other trust or fiduciary function shall remain unimpaired. The national bank, as of the time of the taking effect of such conversion, merger or consolidation shall succeed to all such rights, obligations, relations and trusts and the duties and liabilities connected therewith and shall execute and perform each and every such trust or relation in the same manner as if the national bank had itself assumed the trust or relation, including the obligations and liabilities connected therewith. If the state bank is acting as...
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19-3A-104
Section 19-3A-104 Trustee's power to adjust. (a) If the terms of the trust expressly provide by specific reference to this section, then a trustee may have the power to adjust between principal and income to the extent the trustee considers necessary if (1) the trustee invests and manages trust assets as a prudent investor; (2) the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the trust's income, and (3) the trustee determines, after applying the rules in Section 19-3A-103(a), that the trustee is unable to comply with Section 19-3A-103(b). (b) In deciding whether and to what extent to exercise the power conferred by subsection (a), a trustee shall consider all factors relevant to the trust and its beneficiaries, including, but not limited to: (1) The nature, purpose, and expected duration of the trust; (2) The intent of the settlor; (3) The identity and circumstances of the beneficiaries; (4) The needs for liquidity for the...
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8-6-71
Section 8-6-71 (Repealed effective January 1, 1997) Definitions. For the purposes of this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: Assignment. Such term includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. Claim of beneficial interest. Such term includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest whether the claim is asserted by the claimant, a fiduciary, or by any other authorized person on his behalf and includes a claim that the transfer would be in breach of fiduciary duties. Corporation. A private or public corporation, association, or trust issuing a security. Fiduciary. An...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless otherwise authorized or directed by the court having jurisdiction thereof, or by the will, trust agreement or other document which is the source of authority, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity, other than as a trustee governed by the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition to any other investments now permitted by law, may invest funds in securities or investments which, at the time of the making or purchase thereof, are included in one or more of the following classes: (1) Bonds or other interest-bearing obligations of the United States of America, or payment of which the United States of America has guaranteed as to both principal and interest. (2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States of America, designated as "the Federal Farm Loan...
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19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in any will, trust agreement or other document which is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity, whether an individual, corporation or other entity ("fiduciary") shall have the following powers, rights and remedies whether or not set forth in the will, trust agreement or other document which is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated, property held by the fiduciary, including interests in sole proprietorships, partnerships, or corporations and any assets owned by any such business enterprise, for the purpose of determining compliance with environmental law affecting such property and to respond to any actual or potential violation of any environmental law affecting property held by...
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