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33-19-1
Section 33-19-1 Apalachicola-Chattahoochee-Flint River Basin Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Apalachicola-Chattahoochee-Flint
River Basin Compact: Apalachicola-Chattahoochee-Flint River Basin Compact The States of Alabama,
Florida and Georgia and the United States of America hereby agree to the following compact
which shall become effective upon enactment of concurrent legislation by each respective state
legislature and the Congress of the United States. Short Title This Act shall be known and
may be cited as the "Apalachicola-Chattahoochee-Flint River Basin Compact" and shall
be referred to hereafter in this document as the "ACF Compact" or "compact."
Article I Compact Purposes This compact among the States of Alabama, Florida and Georgia and
the United States of America has been entered into for the purposes of promoting interstate
comity, removing causes of present and future controversies, equitably apportioning the...
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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, ยง1.)...
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38-9B-6
Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No
life beneficiary shall have any vested or property rights or interests in the AFT Trust, nor
shall any life beneficiary have the power to anticipate, assign, convey, alienate, or otherwise
encumber any interest in the income or principal of the AFT Trust nor shall the income or
principal be or any interest of any life beneficiary thereunder be liable for any debt incurred
by the life beneficiary, nor shall the principal or income of the AFT Trust Fund be subject
to seizure by any creditor of any life beneficiary under any writ or proceeding in law or
in equity. (b) Except for the right of a contributor who is not and whose spouse is not a
life beneficiary to revoke any contribution made to the AFT Trust, pursuant to subdivision
(5) of subsection (c) of Section 38-9B-5, neither the settlor, contributor, nor any
acting co-trustee has the right to sell, assign, convey, alienate, or otherwise encumber,
for...
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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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19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property
held by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in
any will, trust agreement or other document which is the source of authority, a trustee, executor,
administrator, guardian, or one acting in any other fiduciary capacity, whether an individual,
corporation or other entity ("fiduciary") shall have the following powers, rights
and remedies whether or not set forth in the will, trust agreement or other document which
is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated,
property held by the fiduciary, including interests in sole proprietorships, partnerships,
or corporations and any assets owned by any such business enterprise, for the purpose of determining
compliance with environmental law affecting such property and to respond to any actual or
potential violation of any environmental law affecting property held by...
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43-8-75
Section 43-8-75 How elective share satisfied; what property applied first; apportionment
of others' liability for balance of elective share. (a) In the proceeding for an elective
share, values included in the estate which pass or have passed to the surviving spouse, or
which would have passed to the surviving spouse but were renounced, are applied first to satisfy
the elective share and to reduce any contributions due from other recipients of transfers
included in the estate. For purposes of this subsection, the electing spouse's beneficial
interest in any life estate or in any trust shall be computed as if worth one-half of the
total value of the property subject to the life estate, or of the trust estate, unless higher
or lower values for these interests are established by proof; provided, however, that, to
the extent that the electing spouse's beneficial interest is a life estate or is an interest
in a trust and is coupled with a general power of appointment (whether exercisable by...
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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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19-3A-104
Section 19-3A-104 Trustee's power to adjust. (a) If the terms of the trust expressly
provide by specific reference to this section, then a trustee may have the power to
adjust between principal and income to the extent the trustee considers necessary if (1) the
trustee invests and manages trust assets as a prudent investor; (2) the terms of the trust
describe the amount that may or must be distributed to a beneficiary by referring to the trust's
income, and (3) the trustee determines, after applying the rules in Section 19-3A-103(a),
that the trustee is unable to comply with Section 19-3A-103(b). (b) In deciding whether
and to what extent to exercise the power conferred by subsection (a), a trustee shall consider
all factors relevant to the trust and its beneficiaries, including, but not limited to: (1)
The nature, purpose, and expected duration of the trust; (2) The intent of the settlor; (3)
The identity and circumstances of the beneficiaries; (4) The needs for liquidity for the...
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19-3A-202
Section 19-3A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary
described in Section 19-3A-201(d) is entitled to receive a portion of the net income
equal to the beneficiary's fractional interest in undistributed principal assets, using inventory
values as of the appropriate distribution dates. (b) In determining a beneficiary's share
of net income, the following rules apply: (1) The beneficiary's fractional interest in the
undistributed principal assets shall be calculated without regard to property specifically
given to the beneficiary and property required to pay pecuniary amounts not in trust. (2)
The beneficiary's fractional interest in the undistributed principal assets shall be calculated
on the basis of the aggregate inventory value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not
distribute all of the collected but undistributed net income to each person as of a...
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19-3D-13
Section 19-3D-13 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 BENEFICIARY WITH DISABILITY. (a) In this section the following terms have the following
meanings: (1) BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized
fiduciary believes may qualify for governmental benefits based on disability, whether or not
the beneficiary currently receives those benefits or is an individual who has been adjudicated
incompetent or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a
state, federal, or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust
that has a beneficiary with a disability: (A) a trustee or other fiduciary, other than a settlor,
that has discretion to distribute part or all of the principal of a first trust to one or
more current beneficiaries; (B) if no trustee or fiduciary has discretion under...
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