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35-4A-3
Section 35-4A-3 When nonvested property interest or power of appointment created. (a) Except
as provided in subsections (b), (c), and (d) and in Section 35-4A-5, the time of creation
of a nonvested property interest or a power of appointment is determined under general principles
of property law. (b) For purposes of this chapter, if there is a person who alone can exercise
a power created by a governing instrument to become the unqualified beneficial owner of (i)
a nonvested property interest or (ii) a property interest subject to a power of appointment
described in Section 35-4A-2(b) or (c), the nonvested property interest or power of appointment
is created when the power to become the unqualified beneficial owner terminates. (c) For purposes
of this chapter, a nonvested property interest or a power of appointment arising from a transfer
of property to a previously funded trust or other existing property arrangement is created
when the nonvested property interest or power of...
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35-4A-6
Section 35-4A-6 Prospective application. This chapter applies to a nonvested property interest
or a power of appointment that is created on or after January 1, 2012. For purposes of this
section, a nonvested property interest or a power of appointment created by the exercise of
a power of appointment is created when the power is irrevocably exercised or when a revocable
exercise becomes irrevocable. (Act 2011-532, p. 880, §1.)...
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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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33-9-2
Section 33-9-2 Authorization; provisions. The Governor, on behalf of this state, is hereby
authorized to execute a compact, in substantially the form as provided hereinafter, with the
State of Mississippi: Article I. The purpose of this compact is to promote the development
of a deep draft harbor and terminal to be located on the continental shelf of the United States,
in the Gulf of Mexico, and to establish a joint interstate authority to assist in this effort.
Article II. The states which are parties to this compact (hereinafter referred to as "party
states") do hereby establish and create a joint agency which shall be known as the Ameraport
Deep Draft Harbor and Terminal Authority (hereinafter referred to as the "authority").
The membership of which authority shall consist of the Governor of each party state and five
other citizens of each party state, to be appointed by the Governor thereof. Each appointive
member of the authority shall be a citizen of that state who is interested...
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19-3D-11
Section 19-3D-11 Decanting power under expanded distributive dicretion. (a) In this section
the following terms have the following meanings: (1) NONCONTINGENT RIGHT. A right that is
not subject to the exercise of discretion or the occurrence of a specified event that is not
certain to occur. The term does not include a right held by a beneficiary if any person has
discretion to distribute property subject to the right to any person other than the beneficiary
or the beneficiary's estate. (2) PRESUMPTIVE REMAINDER BENEFICIARY. A qualified beneficiary
other than a current beneficiary. (3) SUCCESSOR BENEFICIARY. A beneficiary that is not a qualified
beneficiary on the date the beneficiary's qualification is determined. The term does not include
a person that is a beneficiary only because the person holds a nongeneral power of appointment.
(4) VESTED INTEREST. (A) A right to a mandatory distribution that is a noncontingent right
as of the date of the exercise of the decanting power; (B) a...
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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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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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30-4-17
governing instrument to a relative of the divorced individual's former spouse; b. provision
in a governing instrument conferring a general or nongeneral power of appointment on the divorced
individual's former spouse or on a relative of the divorced individual's former spouse; and
c. nomination in a governing instrument, nominating a divorced individual's former spouse
or a relative of the divorced individual's former spouse to serve in any fiduciary or representative
capacity, including a personal representative, executor, trustee, conservator, agent,
or guardian; and (2) severs the interests of the former spouses in property held by them at
the time of the divorce or annulment as joint tenants with the right of survivorship transforming
the interests of the former spouses into equal tenancies in common. (c) A severance under
subdivision (2) of subsection (b) does not affect any third-party interest in property acquired
for value and in good faith reliance on an apparent title by...
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37-11A-1
by the Governor, or upon its otherwise becoming a law, and when the State of Mississippi ratifies
the compact. Article III. For purposes of this compact, the following terms shall have the
following meanings: (1) Person means an individual, a corporation, a partnership, or any other
entity. (2) Railroad means a common carrier by railroad as defined in Section 1(3) of Part
I of the Interstate Commerce Act [codified as 49 U.S.C. §1(3)]. (3) Railroad properties and
facilities mean any real or personal property or interest in property which is owned,
leased, or otherwise controlled by a railroad or other person, including, without limitation,
the authority, and which are used or are useful in rail transportation service, including,
without limiting the generality of the foregoing: a. Track, roadbed, and related structures,
including rail, ties, ballast, other track materials, grading, tunnels, bridges, trestles,
culverts, elevated structures, stations, office buildings used for operating...
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27-60-2
committees as its bylaws may provide for the carrying out of its functions. 4. Corporate records
of the commission. The commission shall maintain its corporate books and records in accordance
with the bylaws. 5. Qualified immunity, defense, and indemnification. a. The members, officers,
executive director, employees, and representatives of the commission shall be immune from
suit and liability, either personally or in their official capacity, for any claim for damage
to or loss of property or personal injury or other civil liability caused by
or arising out of any actual or alleged act, error, or omission that occurred, or that the
person against whom the claim is made had a reasonable basis for believing occurred within
the scope of commission employment, duties, or responsibilities. Nothing in this paragraph
shall be construed to protect any such person from suit or liability, or both, for any damage,
loss, injury, or liability caused by the intentional or willful and wanton...
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