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19-3D-4
Section 19-3D-4 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. FIDUCIARY DUTY. (a)
In exercising the decanting power, an authorized fiduciary shall act in accordance with its
fiduciary duties, including the duty to act in accordance with the purposes of the first trust.
(b) This chapter does not create or imply a duty to consider or exercise the decanting power
or to inform beneficiaries about the applicability of this chapter. (c) Except as otherwise
provided in a first-trust instrument, for purposes of this chapter and Sections 19-3B-801
and 19-3B-802(a), the terms of the first trust are deemed to include the decanting power.
(Act 2018-519, §4.)...
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19-3D-19
Section 19-3D-19 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. TAX-RELATED LIMITATIONS.
(a) In this section the following terms have the following meanings: (1) GRANTOR TRUST. A
trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections
671 through 677, as amended, or 26 U.S.C. Section 679, as amended. (2) INTERNAL REVENUE CODE.
The United States Internal Revenue Code of 1986, as amended. (3) NONGRANTOR TRUST. A trust
that is not a grantor trust. (4) QUALIFIED BENEFITS PROPERTY. Property subject to the minimum
distribution requirements of 26 U.S.C. Section 401(a)(9), as amended, and any applicable regulations,
or to any similar requirements that refer to 26 U.S.C. Section 401(a)(9) or the regulations.
(b) An exercise of the decanting power is subject to the following limitations: (1) If a first
trust contains property that qualified, or would have...
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19-3D-25
Section 19-3D-25 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. SETTLOR. (a) For purposes
of laws of this state other than this chapter and subject to subsection (b), a settlor of
a first trust is deemed to be the settlor of the second trust with respect to the portion
of the principal of the first trust subject to the exercise of the decanting power. (b) In
determining settlor intent with respect to a second trust, the intent of a settlor of the
first trust, a settlor of the second trust, and the authorized fiduciary may be considered.
(Act 2018-519, §25.)...
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19-3D-14
Section 19-3D-14 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. PROTECTION OF CHARITABLE
INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE
CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently,
periodically, on the occurrence of a specified event, or after the passage of a specified
time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL.
Not subject to the occurrence of a specified event that is not certain to occur, other than
a requirement in a trust instrument that a charitable organization be in existence or qualify
under a particular provision of the United States Internal Revenue Code of 1986, as amended,
on the date of the distribution, if the charitable organization meets the requirement on the
date of determination. (b) If a first trust...
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time
to sell and issue its bonds for the purpose of financing project costs pertaining to one or
more projects or for the purpose of providing funds to pay training facility management fees,
or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty agreements
wherein the authority guarantees payment, in whole or in part, of debt service referable to
obligations issued by development agencies for the purpose of financing project costs pertaining
to one or more projects; provided, however, that the principal amount of authority obligations
shall not exceed three hundred million dollars ($300,000,000). For...
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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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19-3D-10
Section 19-3D-10 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. FORMALITIES. An exercise
of the decanting power must be made in a record signed by an authorized fiduciary. The signed
record must, directly or by reference to the notice required by Section 19-3D-7, identify
the first trust and the second trust or trusts and state the property of the first trust being
distributed to each second trust and the property, if any, that remains in the first trust.
(Act 2018-519, §10.)...
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19-3D-17
Section 19-3D-17 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. RELIEF FROM LIABILITY
AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument
may not relieve an authorized fiduciary from liability for breach of trust to a greater extent
than the first-trust instrument. (b) A second-trust instrument may provide for indemnification
of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity
under the first trust for any liability or claim that would have been payable from the first
trust if the decanting power had not been exercised. (c) A second-trust instrument may not
reduce fiduciary liability in the aggregate. (d) Subject to subsection (c), a second-trust
instrument may divide and reallocate fiduciary powers among fiduciaries, including one or
more trustees, distribution advisors, investment advisors,...
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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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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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