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-26
Section 19-3D-26 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. LATER-DISCOVERED PROPERTY. (a) Except as otherwise provided in subsection (c), if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the trust estate of the second trust or trusts. (b) Except as otherwise provided in subsection (c), if exercise of the decanting power was intended to distribute less than all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power remains part of the trust estate of the first trust. (c) An authorized fiduciary may provide in an...
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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-7
Section 19-3D-7 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. NOTICE; EXERCISE OF DECANTING POWER. (a) In this section, a notice period begins on the day notice is given under subsection (c) and ends 59 days after the day notice is given. (b) Except as otherwise provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. (c) Except as otherwise provided in subsection (f), an authorized fiduciary shall not exercise the decanting power prior to 60 days after giving record notice of the intended exercise of the decanting power to: (1) each settlor of the first trust, if living or then in existence; (2) each qualified beneficiary of the first trust; (3) each holder of a presently exercisable power of appointment over any part or all of the first trust; (4) each person that currently has the right to...
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22-11F-1
Section 22-11F-1 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE UPON ADOPTION OF RULES BY THE DEPARTMENT OF PUBLIC HEALTH. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. This chapter shall be known and may be cited as the Coach Safely Act. (Act 2018-496, §1.)...
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22-27-60
Section 22-27-60 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION, EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this article, the following terms shall have the following meanings: (1) LENDER. A person who holds a mortgage, lien, deed of trust, or other security interest in property. The term includes an assignee, receiver, or other transferee of the interest. (2) RESIDENTIAL REAL PROPERTY. Any of the following: a. A single-family house. b. A duplex, triplex, or quadraplex. c. A unit in a multi-unit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system. (Act 2019-460, §1.)...
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22-27-62
Section 22-27-62 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION, EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Not later than 10 days after the date a lender receives from the insured a request for release of all or part of the insurance proceeds held by the lender, the lender shall do either of the following: (1) If the lender has received sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 27-22-61 for release of the proceeds, the lender shall release to the insured, as requested, all or part of the proceeds. (2) Provide notice to the insured that explains specifically both of the following: a. The reason for the lender's refusal to release the proceeds to the insured. b. Each requirement with which the insured must comply for the lender to release the proceeds. (Act 2019-460, §3.)...
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24-11-2
Section 24-11-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Legislative Declaration. The Legislature recognizes that saving for the purchase of a first home is very challenging in today's economy. The Legislature declares that first-time and second chance home buyer savings accounts provide an opportunity for Alabama residents to save funds for home ownership. The first-time and second chance home buyer savings account program is intended to enable first-time and second chance home buyers in Alabama to plan for and utilize a tax incentive to save funds for a down payment and closing costs for the purchase of a first home in Alabama. (Act 2018-467, §2.)...
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24-11-4
Section 24-11-4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Establishment and Use of First-time and Second Chance Home Buyer Savings Account. (a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account. (b) Funds from a first-time and second chance home buyer savings account may be used only to pay a first-time and second chance home buyer's eligible costs for the purchase of a single-family residence in Alabama. (c) A first-time and second chance home buyer may jointly own a first-time and second chance home buyer savings account with another first-time and second chance home buyer if the joint account holders file a joint income tax return. (d) Only cash and marketable securities may be contributed to a...
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24-11-5
Section 24-11-5 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Account Holder Responsibilities. The account holder shall do all of the following: (1) Not use funds held in a first-time and second chance home buyer savings account to pay expenses of administering the account, except that a service or other account fee may be deducted from the account by the financial institution in which the account is held. (2) Submit the following to the Department of Revenue with the account holder's Alabama income tax return: a. Detailed information, in a form prescribed by the Department of Revenue, regarding the first-time and second chance home buyer savings account, including a list of transactions for the account during the tax year. b. Form 1099 issued by the financial institution for the account. (3) Submit to the department, upon a withdrawal of funds from a first-time and second chance...
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