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35-4A-5
Section 35-4A-5 Exclusions from statutory rule against perpetuities. Section
35-4A-2, the statutory rule against perpetuities, does not apply to: (1) a nonvested property
interest or a power of appointment arising out of a nondonative transfer, except a nonvested
property interest or a power of appointment arising out of (i) a premarital or postmarital
agreement, (ii) a separation or divorce settlement, (iii) a spouse's election, (iv) a similar
arrangement arising out of a prospective, existing, or previous marital relationship between
the parties, (v) a contract to make or not to revoke a will or trust, (vi) a contract to exercise
or not to exercise a power of appointment, (vii) a transfer in satisfaction of a duty of support,
or (viii) a reciprocal transfer; (2) a fiduciary's power relating to the administration or
management of assets, including the power of a fiduciary to sell, lease, or mortgage property,
and the power of a fiduciary to determine principal and income; (3) a power...
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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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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject
additions to the trust property from a settlor or any other person, including, but not being
limited to, the authority to receive, collect, hold, and retain common or preferred stock
or other interests in the trustee or any related party; (2) acquire or sell property, for
cash or on credit, at public or private sale; (3) exchange, partition, or otherwise change
the character of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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10A-5-6.06
Section 10A-5-6.06 Cessation of membership. REPEALED IN THE 2014 REGULAR SESSION BY
ACT 2014-144 EFFECTIVE JANUARY 1, 2017. (a) A person ceases to be a member of a limited liability
company upon the occurrence of one or more of the following events: (1) The member ceases
to be a member by voluntary act as provided in subsection (d). (2) The member ceases to be
a member of the limited liability company as provided in Section 10A-5-6.03. (3) The
member is removed as a member in either of the following manners: a. In accordance with the
operating agreement. b. Subject to contrary provisions in the operating agreement, when the
member assigns all of the member's interest in the limited liability company, by an affirmative
vote of a majority in number of the members who have not assigned their interests. (b) Subject
to contrary provisions in the operating agreement, or written consent of all members at the
time, a person ceases to be a member upon the occurrence of one or more of the...
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35-4A-2
Section 35-4A-2 Statutory rule against perpetuities. (a) A nonvested property interest
is invalid unless: (1) when the interest is created, it is certain to vest or terminate no
later than 21 years after the death of an individual then alive; or (2) the interest either
vests or terminates within 100 years after its creation. (b) A general power of appointment
not presently exercisable because of a condition precedent is invalid unless: (1) when the
power is created, the condition precedent is certain to be satisfied or becomes impossible
to satisfy no later than 21 years after the death of an individual then alive; or (2) the
condition precedent either is satisfied or becomes impossible to satisfy within 100 years
after its creation. (c) A nongeneral power of appointment or a general testamentary power
of appointment is invalid unless: (1) when the power is created, it is certain to be irrevocably
exercised or otherwise to terminate no later than 21 years after the death of an...
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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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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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19-3A-201
Section 19-3A-201 Determination and distribution of net income. After the decedent's
death, in the case of a decedent's estate, or after an income interest in a trust ends, the
following rules apply: (a) If property is specifically given to a beneficiary by will or by
trust, then the fiduciary of the decedent's estate or of the terminating income interest shall
distribute the net income and net principal receipts to the beneficiary who is to receive
the specifically given property, subject to the following rules: (1) The net income and principal
receipts from the specifically given property are determined by including all of the amounts
the fiduciary receives or pays with respect to the specifically given property, whether such
amounts accrued or became due before, on, or after the date of the decedent's death or the
date upon which an income interest in a trust terminates, and by making a reasonable provision
for amounts that the fiduciary believes the decedent's estate or terminating...
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43-8-1
Section 43-8-1 General definitions. Subject to additional definitions contained in the
subsequent articles which are applicable to specific articles or divisions, and unless the
context otherwise requires, in this chapter, the following words shall have the following
meanings: (1) BENEFICIARY. As it relates to trust beneficiaries, includes a person who has
any present or future interest, vested or contingent, and also includes the owner of an interest
by assignment or other transfer and as it relates to a charitable trust, includes any person
entitled to enforce the trust. (2) CHILD. Includes any individual entitled to take as a child
under this chapter by intestate succession from the parent whose relationship is involved
and excludes any person who is only a stepchild, a foster child, a grandchild or any more
remote descendant. (3) COURT. The court having jurisdiction in matters relating to the affairs
of decedents. This court in Alabama is known as the probate court. (4) DAYS. That...
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19-3B-505
Section 19-3B-505 Creditor's claim against settlor. (a) Whether or not the terms of
a trust contain a spendthrift provision, the following rules apply: (1) During the lifetime
of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors.
(2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach
the maximum amount that can be distributed to or for the settlor's benefit. If a trust has
more than one settlor, then the amount the creditor or assignee of a particular settlor may
reach may not exceed the settlor's interest in the portion of the trust attributable to that
settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right
to direct the source from which liabilities will be paid, the property of a trust that was
revocable immediately prior to the settlor's death is subject to claims of the settlor's creditors,
costs of administration of the settlor's estate, the expenses of the...
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