19-3D-6
Section 19-3D-6 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. REASONABLE RELIANCE.
A trustee or other person that reasonably relies on the validity of a distribution of part
or all of the property of a trust to another trust, or a modification of a trust, under this
chapter, laws of this state other than this chapter, or the law of another jurisdiction is
not liable to any person for any action or failure to act as a result of the reliance. (Act
2018-519, §6.)...
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19-3D-3
Section 19-3D-3 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. SCOPE. (a) Except as
otherwise provided in subsections (b) and (c), this chapter applies to an express trust that
is irrevocable, or revocable by the settlor only with the consent of the trustee or a person
holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable
purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise
of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder,
or other person to distribute or appoint property in further trust or to modify a trust under
the trust instrument, laws of this state other than this chapter, common law, a court order,
or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor
to provide in a trust instrument for the distribution...
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19-3D-2
Section 19-3D-2 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. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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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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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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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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19-3D-8
Section 19-3D-8 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. REPRESENTATION. (a)
Notice to a person with authority to represent and bind another person under a first-trust
instrument or Chapter 3B (commencing with Section 19-3B-101) of this title, has the same effect
as notice given directly to the person represented. (b) Consent of or waiver by a person with
authority to represent and bind another person under a first-trust instrument or Chapter 3B
(commencing with Section 19-3B-101) of this title, is binding on the person represented unless
the person represented objects to the representation before the consent or waiver otherwise
would become effective. (c) A person with authority to represent and bind another person under
a first-trust instrument or Chapter 3B (commencing with Section 19-3B-101) of this title,
may file an application under Section 19-3D-9 on behalf of the...
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19-3D-18
Section 19-3D-18 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. REMOVAL OR REPLACEMENT
OF AUTHORIZED FIDUCIARY. An authorized fiduciary may not exercise the decanting power to modify
a provision in a first-trust instrument granting another person power to remove or replace
the fiduciary unless: (1) the person holding the power consents to the modification in a signed
record and the modification applies only to the person; (2) the person holding the power and
the qualified beneficiaries of the second trust consent to the modification in a signed record
and the modification grants a substantially similar power to another person; or (3) the court
approves the modification and the modification grants a substantially similar power to another
person. (Act 2018-519, §18.)...
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19-3D-23
Section 19-3D-23 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 FOR CARE OF ANIMAL.
(a) In this section the following terms have the following meanings: (1) ANIMAL TRUST. A trust
or an interest in a trust created to provide for the care of one or more animals. (2) PROTECTOR.
A person appointed in an animal trust to enforce the trust on behalf of the animal or, if
no such person is appointed in the trust, a person appointed by the court for that purpose.
(b) The decanting power may be exercised over an animal trust that has a protector to the
extent the trust could be decanted under this chapter if each animal that benefits from the
trust were an individual, if the protector consents in a signed record to the exercise of
the power. (c) A protector for an animal has the rights under this chapter of a qualified
beneficiary. (d) Notwithstanding any other provision of this chapter,...
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38-9B-2
Section 38-9B-2 Definitions. THIS SECTION WAS AMENDED BY ACT 2018-422 IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this chapter,
the following words shall have the following meanings: (1) ALABAMA FAMILY CHARITABLE TRUST
(AFT CHARITABLE TRUST). The trust established by the board of trustees that qualifies as a
tax exempt charitable entity under the United States Internal Revenue Code, to provide benefits
for any individual who does not have a sufficient amount in his or her AFT Trust to meet the
individual's needs. (2) ALABAMA FAMILY TRUST (AFT TRUST). The Alabama Family Trust established
pursuant to this chapter. (3) ALABAMA FAMILY TRUST CORPORATION (AFT CORPORATION). An Alabama
not-for-profit corporation established by the board of trustees pursuant to this chapter that
qualifies as a tax exempt charitable organization under the United States Internal Revenue
Code. (4) BOARD OF TRUSTEES. The Alabama Family Trust Board...
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