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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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35-5A-4
Section 35-5A-4 Nomination of custodian. (a) A person having the right to designate the recipient
of property transferable upon the occurrence of a future event may revocably nominate a custodian
to receive the property for a minor beneficiary upon the occurrence of the event by naming
the custodian followed in substance by the words: "as custodian for ___ (name of minor)
under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more
persons as substitute custodians to whom the property must be transferred, in the order named,
if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible
to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising
a power of appointment, or in a writing designating a beneficiary of contractual rights which
is registered with or delivered to the payor, issuer, or other obligor of the contractual
rights. (b) A custodian nominated under this section must be a...
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43-8-292
Section 43-8-292 Filing and delivery of disclaimer. (a) Except as provided in subsection (c)
of this section, if the property or interest has devolved to the disclaimant under a testamentary
instrument or by the laws of intestacy, the disclaimer shall be filed, as to a present interest,
not later than nine months after the death of the deceased owner or deceased donee of a power
of appointment and, if of a future interest, not later than nine months after the event determining
that the taker of the property or interest has become finally ascertained and his interest
is indefeasibly vested. The disclaimer shall be filed in the probate court of the county in
which proceedings for the administration of the estate of the deceased owner or deceased donee
of the power have been commenced or, if they have not been commenced, in which they could
be commenced. A copy of the disclaimer shall be delivered in person or mailed by registered
or certified mail to any personal representative or other...
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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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40-22-2
Section 40-22-2 Mortgages, deeds of trust, etc., generally. No mortgage, deed of trust, contract
of conditional sale, or other instrument of like character which is given to secure the payment
of any debt which conveys any real or personal property situated within this state or any
interest therein or any security agreement or financing statement provided for by the Uniform
Commercial Code, except a security agreement or a financing statement relating solely to security
interests in accounts, contract rights, or general intangibles, as such terms are defined
in the Uniform Commercial Code, and except for the re-recordation of corrected mortgages,
deeds, or instruments executed for the purpose of perfecting the title to real or personal
property, specifically, but not limited to, corrections of maturity dates thereof, shall be
received for record or for filing in the office of any probate judge of this state unless
the following privilege or license taxes shall have been paid upon such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-22-2.htm - 16K - Match Info - Similar pages
22-30E-10
Section 22-30E-10 Limitation of liability provisions. (a) The Legislature declares that, in
order to achieve the economic redevelopment and site rehabilitation of contaminated properties
in accordance with this chapter, it is imperative to encourage financing of real property
transactions involving qualifying property. Accordingly, a lender, including one serving as
a trustee, personal representative, or in any other fiduciary capacity in connection with
a loan, and a lender holding evidence of ownership of a qualifying property primarily to protect
a security interest, or as a result of foreclosure or a deed in lieu of foreclosure of a security
interest, is entitled to the liability protection established in subsection (a) of Section
22-30E-9 if the lender meets each of the following requirements: (1) The lender has not caused
or contributed to a release of a contaminant at the qualified property. (2) The lender seeks
to sell, transfer, or otherwise divest the qualifying property at...
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19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of a trustee,
includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating to an individual's
health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later
amended. (3) BENEFICIARY means a person that: (A) has a present or future beneficial interest
in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a
power of appointment over trust property. (4) CHARITABLE TRUST means a trust, or portion of
a trust, created for a charitable purpose described in Section 19-3B-405(a). (5) CONSERVATOR
means a person appointed by the court to administer the estate of a minor or adult individual.
(6) ENVIRONMENTAL LAW means a federal, state, or local law, rule, regulation, or ordinance
relating to protection of the environment. (7) GUARDIAN means a...
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35-4-76
Section 35-4-76 Limitations on duration of option to purchase land. (a) No option to purchase
any interest in land, other than an option limited in favor of a lessee and exercisable at
a time not later than the end of the term of a lease or any extension or renewal thereof,
or an option to repurchase reserved by the grantor in a deed, shall be valid or enforceable
for a period of more than 20 years. If any such option may, by the terms of the instrument
creating it, continue to exist for longer than 20 years, it shall terminate and cease to be
enforceable 20 years after the time of its creation. Where the instrument creating any such
option shall place no limit upon the duration of the option or otherwise state the terms controlling
the duration of the option, the option shall cease to be enforceable two years after the time
of its creation. This section shall not apply to options created prior to January 31, 1972.
(b) Where an option to purchase land, or any interest therein, or any...
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5-25-2
Section 5-25-2 Definitions. For purposes of this chapter, the following terms shall have the
following meanings: (1) BORROWER. A natural person who submits an application for a loan secured
by a first or subordinate mortgage or deed of trust on a single-family to four-family home
to be occupied by the borrower as the borrower's primary residence. (2) COMMITMENT. A written
statement by a lender that sets forth the terms and conditions upon which the lender is willing
to make a particular mortgage loan to a particular borrower. A good faith estimate provided
under the Federal Real Estate Settlement Procedures Act is not a commitment for the purposes
of Act 2009-624. (3) CONTROL. The direct or indirect possession of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract, or otherwise, and shall include the terms controlling,
controlled by, and under common control with. (4) DEPARTMENT. The...
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26-1A-203
Section 26-1A-203 Construction of authority generally. Except as otherwise provided in the
power of attorney, by executing a power of attorney that incorporates by reference a subject
described in Sections 26-1A-204 through 26-1A-217 or that grants to an agent authority to
do all acts that a principal could do pursuant to Section 26-1A-201(c), a principal authorizes
the agent, with respect to that subject, to: (1) demand, receive, and obtain by litigation
or otherwise, money or another thing of value to which the principal is, may become, or claims
to be entitled, and conserve, invest, disburse, or use anything so received or obtained for
the purposes intended; (2) contract in any manner with any person, on terms agreeable to the
agent, to accomplish a purpose of a transaction and perform, rescind, cancel, terminate, reform,
restate, release, or modify the contract or another contract made by or on behalf of the principal;
(3) execute, acknowledge, seal, deliver, file, or record any...
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