26-1A-201
Section 26-1A-201 Authority that requires specific grant; grant of general authority. (a) An
agent under a power of attorney may do the following on behalf of the principal or with the
principal's property only if the power of attorney expressly grants the agent the authority
and exercise of the authority is not otherwise prohibited by another agreement or instrument
to which the authority or property is subject: (1) create, amend, revoke, or terminate an
inter vivos trust; (2) [reserved]; (3) create or change rights of survivorship; (4) create
or change a beneficiary designation; (5) delegate authority granted under the power of attorney;
(6) waive the principal's right to be a beneficiary of a joint and survivor annuity, including
a survivor benefit under a retirement plan; or (7) exercise fiduciary powers that the principal
has authority to delegate. (b) Notwithstanding a grant of authority to do an act described
in subsection (a), unless the power of attorney otherwise expressly...
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26-1A-102
event, the satisfaction of an ascertainable standard, or the passage of a specified period
only after the occurrence of the specified event, the satisfaction of the ascertainable standard,
or the passage of the specified period. The term does not include a power exercisable in a
fiduciary capacity or only by will. (9) "Principal" means an individual who grants
authority to an agent in a power of attorney. (10) "Property" means anything that
may be the subject of ownership, whether real or personal, or legal or equitable, or
any interest or right therein. (11) "Record" means information that is inscribed
on a tangible medium or that is stored in an electronic or other medium and is retrievable
in perceivable form. (12) "Sign" means, with present intent to authenticate or adopt
a record: (A) to execute or adopt a tangible symbol; or (B) to attach to or logically associate
with the record an electronic sound, symbol, or process. (13) "State" means a state
of the United States, the...
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26-1A-205
Section 26-1A-205 Tangible personal property. Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to tangible
personal property authorizes the agent to: (1) demand, buy, receive, accept as a gift
or as security for an extension of credit, or otherwise acquire or reject ownership or possession
of tangible personal property or an interest in tangible personal property;
(2) sell; exchange; convey with or without covenants, representations, or warranties; quitclaim;
release; surrender; create a security interest in; grant options concerning; lease; sublease;
or, otherwise dispose of tangible personal property or an interest in tangible personal
property; (3) grant a security interest in tangible personal property or an interest
in tangible personal property as security to borrow money or pay, renew, or extend
the time of payment of a debt of the principal or a debt guaranteed by the principal; (4)
release, assign,...
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26-1A-204
Section 26-1A-204 Real property. (a) Unless the power of attorney otherwise provides, language
in a power of attorney granting general authority with respect to real property authorizes
the agent to: (1) demand, buy, lease, receive, accept as a gift or as security for an extension
of credit, or otherwise acquire or reject an interest in real property or a right incident
to real property; (2) sell; exchange; convey with or without covenants, representations, or
warranties; quitclaim; release; surrender; retain title for security; encumber; partition;
consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or
other governmental permits; plat or consent to platting; develop; grant an option concerning;
lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise
grant or dispose of an interest in real property or a right incident to real property; (3)
pledge or mortgage an interest in real property or right incident to...
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26-1A-217
exclusion limit; and (2) consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C.
Section 2513, as amended, to the splitting of a gift made by the principal's spouse in an
amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
(c) An agent may make a gift of the principal's property only as the agent determines is consistent
with the principal's objectives if actually known by the agent and, if unknown, as the agent
determines is consistent with the principal's best interest based on all relevant factors,
including: (1) the value and nature of the principal's property; (2) the principal's foreseeable
obligations and need for maintenance; (3) minimization of taxes, including income, estate,
inheritance, generation skipping transfer, and gift taxes; (4) eligibility for a benefit,
a program, or assistance under a statute or regulation; and (5) the principal's personal
history of making or joining in making gifts. (Act 2011-683, p. 2015, §1.)...
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26-1A-301
Power of Attorney Act, Chapter 1A, Title 26, Code of Alabama 1975: If you wish to grant general
authority over all of the subjects enumerated in this section you may SIGN here: ___ (Signature
of Principal) OR If you wish to grant specific authority over less than all subjects enumerated
in this section you must INITIAL by each subject you want to include in the agent's authority:
_____Real Property as defined in Section 26-1A-204 _____Tangible Personal Property
as defined in Section 26-1A-205 _____Stocks and Bonds as defined in Section 26-1A-206 _____Commodities
and Options as defined in Section 26-1A-207 _____Banks and Other Financial Institutions as
defined in Section 26-1A-208 _____Operation of Entity or Business as defined in Section 26-1A-209
_____Insurance and Annuities as defined in Section 26-1A-210 _____Estates, Trusts, and Other
Beneficial Interests as defined in Section 26-1A-211 _____Claims and Litigation as defined
in Section...
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26-1A-211
Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates,
trusts, and other beneficial interests" means a trust, probate estate, guardianship,
conservatorship, escrow, or custodianship or a fund from which the principal is, may become,
or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to estates,
trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt
for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or
obtain money or another thing of value to which the principal is, may become, or claims to
be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit
of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution,...
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26-1A-208
institution, including renting a safe deposit box or space in a vault; (4) withdraw, by check,
order, electronic funds transfer, or otherwise, money or property of the principal deposited
with or left in the custody of a financial institution; (5) receive statements of account,
vouchers, notices, and similar documents from a financial institution and act with respect
to them; (6) enter a safe deposit box or vault and withdraw or add to the contents; (7) borrow
money and pledge as security personal property of the principal necessary to borrow
money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed
by the principal; (8) make, assign, draw, endorse, discount, guarantee, and negotiate promissory
notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or payable
to the principal or the principal's order, transfer money, receive the cash or other proceeds
of those transactions, and accept a draft drawn by a person upon...
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26-1A-212
Section 26-1A-212 Claims and litigation. Unless the power of attorney otherwise provides, language
in a power of attorney granting general authority with respect to claims and litigation authorizes
the agent to: (1) assert and maintain before a court or administrative agency a claim, claim
for relief, cause of action, counterclaim, offset, recoupment, or defense, including an action
to recover property or other thing of value, recover damages sustained by the principal, eliminate
or modify tax liability, or seek an injunction, specific performance, or other relief; (2)
bring an action to determine adverse claims or intervene or otherwise participate in litigation;
(3) seek an attachment, garnishment, order of arrest, or other preliminary, provisional, or
intermediate relief and use an available procedure to effect or satisfy a judgment, order,
or decree; (4) make or accept a tender, offer of judgment, or admission of facts, submit a
controversy on an agreed statement of facts, consent...
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26-1A-216
Section 26-1A-216 Taxes. Unless the power of attorney otherwise provides, language in a power
of attorney granting general authority with respect to taxes authorizes the agent to: (1)
prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property,
Federal Insurance Contributions Act, and other tax returns, claims for refunds, requests for
extension of time, petitions regarding tax matters, and any other tax-related documents, including
receipts, offers, waivers, consents, including consents and agreements under Internal Revenue
Code Section 2032A, 26 U.S.C. Section 2032A, as amended, closing agreements, and any power
of attorney required by the Internal Revenue Service or other taxing authority with respect
to a tax year upon which the statute of limitations has not run and the following 25 tax years;
(2) pay taxes due, collect refunds, post bonds, receive confidential information, and contest
deficiencies determined by the Internal Revenue Service or other...
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