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41-10-469
Section 41-10-469 Use of proceeds of refunding bonds. The proceeds of refunding bonds shall
be applied, together with any other moneys legally available therefor, to the payment of the
expenses authorized by this article and to the payment of the principal of, premium, if any,
and interest due and to become due on any outstanding bonds to be refunded thereby and, if
so required by resolution of the authority, shall be deposited in the State Treasury in an
interest account to pay interest on refunding bonds, and in the State Treasury in a reserve
account to further secure the payment of the principal of, premium, if any, and interest on
any refunding bonds. The expenses authorized by this article shall include, in addition to
expenses authorized by other sections hereof, all expenses that the board of directors may
deem necessary or advantageous in connection with the sale and issuance of such refunding
bonds, including without limitation, the expenses of selling and issuing such...
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27-17A-2
Section 27-17A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) ALTERNATIVE CONTAINER. A nonmetal receptacle or enclosure, without ornamentation
or a fixed interior lining, which is designed for the encasement of human remains and which
is made of cardboard, pressed-wood, composition materials (with or without an outside covering),
or pouches of canvas or other materials. (2) ARRANGEMENT CONFERENCE. The meeting occurring
either at need or preneed between the seller and the purchaser during which funeral or cemetery
merchandise and services are discussed. (3) ARRANGEMENT CONFERENCE FEE. The charge to the
purchaser in conjunction with the arrangement conference. (4) AT NEED. At the time of death,
or immediately following death. (5) AUTHORIZING AGENT. One who is lawfully authorized to control
the final disposition of human remains. (6) BELOW-GROUND CRYPT. A preplaced enclosed chamber,
which is usually constructed of reinforced concrete,...
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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-411
Section 19-3B-411 Modification or termination of noncharitable irrevocable trust by consent.
(a) If, upon petition, the court finds that the settlor and all beneficiaries consent to the
modification or termination of an irrevocable trust, the court shall enter an order approving
the modification or termination even if the modification or termination is inconsistent with
a material purpose of the trust. A settlor's power to consent to a trust's modification or
termination may be exercised by an agent under a power of attorney only to the extent expressly
authorized by the power of attorney or the terms of the trust; by the settlor's conservator
with the approval of the court supervising the conservatorship if an agent is not so authorized;
or by the settlor's guardian with the approval of the court supervising the guardianship if
an agent is not so authorized and a conservator has not been appointed. (b) A noncharitable
irrevocable trust may be terminated upon consent of all of the...
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19-3B-417
Section 19-3B-417 Combination and division of trusts. After notice to the qualified beneficiaries,
a trustee may combine two or more trusts into a single trust or divide a trust into two or
more separate trusts, if the result does not impair rights of any beneficiary or adversely
affect achievement of the purposes of the trust. (Act 2006-216, p. 314, §1.)...
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19-3B-108
Section 19-3B-108 Principal place of administration. (a) Without precluding other means for
establishing a sufficient connection with the designated jurisdiction, terms of a trust designating
the principal place of administration are valid and controlling if: (1) a trustee's principal
place of business is located in or a trustee is a resident of the designated jurisdiction;
or (2) all or part of the administration occurs in the designated jurisdiction. (b) A trustee
shall administer the trust at a place appropriate to its purposes, its administration, and
the interests of the beneficiaries; provided, however, a trustee shall not be required to
transfer the trust's principal place of administration to another state or to a jurisdiction
outside of the United States. (c) Without precluding the right of the court to order, approve,
or disapprove a transfer, the trustee may transfer the trust's principal place of administration
to another state or to a jurisdiction outside of the United...
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19-3B-705
Section 19-3B-705 Resignation of trustee. (a) A trustee may resign: (1) upon at least 30 days'
notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or (2)
with the approval of the court. (b) In approving a resignation, the court may issue orders
and impose conditions reasonably necessary for the protection of the trust property. (c) Any
liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions
of the trustee is not discharged or affected by the trustee's resignation. (Act 2006-216,
p. 314, §1.)...
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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust invests,
etc.; disposition of funds. (a) No cemetery authority may directly or indirectly require or
direct the investment, reinvestment, or retention by a qualified trustee of any part of an
endowment care trust in any asset or business in which the cemetery authority or any officer,
director, owner, partner, or employee of the cemetery authority has a financial interest.
Nothing contained in this subsection shall prevent the trustee, subject to the provisions
regarding investment and reinvestment of the trust estate as are contained in the governing
instrument creating the trust, from investing, reinvesting, or retaining any asset or business
in which the cemetery authority or any officer, director, owner, partner, or employee of the
cemetery authority has an insubstantial or nonmaterial financial interest, provided that the
trustee, in the exercise of the trustee's discretion, deems the...
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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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-5A-7.htm - 1K - Match Info - Similar pages
11-50-172
Section 11-50-172 Provision by transferor for payment of outstanding bonds, mortgages, indentures,
etc. If there are outstanding any bonds, mortgages, indentures, resolutions, or other obligations,
including revenue bonds or other securities, payable from or secured by a pledge of the revenues
or earnings of or constituting a lien upon the water system or systems proposed to be transferred
and conveyed under the provisions of this article, the public corporation proposing to make
such transfer and conveyance: (1) Shall make provision for the assumption by the transferee
public corporation of the due and prompt payment of the principal of and interest on such
bonds or other obligations and the due and prompt performance of all other agreements and
conditions in the manner authorized by such outstanding bonds, mortgages, indentures, resolutions,
or other obligations, or (2) In the absence of any such authorization or, at the election
of the transferor and transferee public corporations,...
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