|
7-8-208
Section 7-8-208 Effect of signature of authenticating trustee, registrar, or transfer agent.
(a) A person signing a security certificate as authenticating trustee, registrar, transfer
agent, or the like, warrants to a purchaser for value of the certificated security, if the
purchaser is without notice of a particular defect, that: (1) the certificate is genuine;
(2) the person's own participation in the issue of the security is within the person's capacity
and within the scope of the authority received by the person from the issuer; and (3) the
person has reasonable grounds to believe that the certificated security is in the form and
within the amount the issuer is authorized to issue. (b) Unless otherwise agreed, a person
signing under subsection (a) does not assume responsibility for the validity of the security
in other respects. (Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241,
§1; added by Acts 1996, No. 96-742, p. 1241, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-208.htm - 1K - Match Info - Similar pages
35-5A-11
Section 35-5A-11 Transfer to be for one minor; only one custodian; single custodianship. A
transfer may be made only for one minor, and only one person may be the custodian. All custodial
property held under this chapter by the same custodian for the benefit of the same minor constitutes
a single custodianship. (Acts 1986, No. 86-453, p. 819, §10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-5A-11.htm - 658 bytes - Match Info - Similar pages
19-3B-701
Section 19-3B-701 Accepting or declining trusteeship. (a) Except as otherwise provided in subsection
(c), a person designated as trustee accepts the trusteeship: (1) by substantially complying
with a method of acceptance provided in the terms of the trust; or (2) if the terms of the
trust do not provide a method or the method provided in the terms is not expressly made exclusive,
by accepting delivery of the trust property, exercising powers or performing duties as trustee,
or otherwise indicating acceptance of the trusteeship. (b) A person designated as trustee
who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee
who does not accept the trusteeship within a reasonable time after knowing of the designation
is deemed to have rejected the trusteeship. (c) A person designated as trustee, without accepting
the trusteeship, may: (1) act to preserve the trust property if, within a reasonable time
after acting, the person sends a rejection of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-701.htm - 1K - Match Info - Similar pages
35-5A-17
Section 35-5A-17 Exemption of third person from liability for good faith dealings with custodian.
A third person in good faith and without court order may act on the instructions of or otherwise
deal with any person purporting to make a transfer or purporting to act in the capacity of
a custodian and, in the absence of knowledge, is not responsible for determining: (1) The
validity of the purported custodian's designation; (2) The propriety of, or the authority
under this chapter for, any act of the purported custodian; (3) The validity or propriety
under this chapter of any instrument or instructions executed or given either by the person
purporting to make a transfer or by the purported custodian; or (4) The propriety of the application
of any property of the minor delivered to the purported custodian. (Acts 1986, No. 86-453,
p. 819, §16.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-5A-17.htm - 1K - Match Info - Similar pages
43-8-140
Section 43-8-140 Testamentary additions to trusts. A devise or bequest, the validity of which
is determinable by the law of this state, may be made by a will to the trustee of a trust
established or to be established by the testator and some other person or by some other person
(including a funded or unfunded life insurance trust, although the trustor has reserved any
or all rights of ownership of the insurance contracts) if the trust is identified in the testator's
will and its terms are set forth in a written instrument (other than a will) executed before
or concurrently with the execution of the testator's will or in the valid last will of a person
who has predeceased the testator (regardless of the existence, size, or character of the corpus
of the trust). The devise is not invalid because the trust is amendable or revocable, or because
the trust was amended after the execution of the will or after the death of the testator.
Unless the testator's will provides otherwise, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-8-140.htm - 1K - Match Info - Similar pages
19-3B-505
must be presented. If the person fails to present the claim in writing within 90 days from
the date of the notice, then the person shall be forever barred from asserting or recovering
on the claim from the trustee, the trust property and the creditors and beneficiaries of the
trust. Any person who presents a claim on or before the date specified in the notice may not
later increase the claim following the expiration of the 90-day period. (3) If a claim is
not presented in writing to the personal representative of the settlor's estate or
to the trustee (i) within six months from the date of the appointment of the initial personal
representative of the settlor's estate, or (ii) if no personal representative is appointed
within six months from the settlor's date of death and a claim is not presented in writing
to the trustee within six months from the settlor's date of death, then no trustee shall be
chargeable for any assets that the trustee may pay or distribute in good faith in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-505.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3D-3.htm - 1K - Match Info - Similar pages
35-8A-304
Section 35-8A-304 Transfer of special declarant rights. (a) No special declarant right specified
in Section 35-8A-103(24) created or reserved under this chapter may be transferred except
by an instrument evidencing the transfer recorded in every county in which any portion of
the condominium is located. The instrument is not effective unless executed by the transferor
and the transferee in the same formality as a conveyance of real property. (b) Upon transfer
of any special declarant right, the liability of a transferor declarant is as follows: (1)
A transferor is not relieved of any obligation or liability arising before the transfer and
remains liable for warranty obligations imposed upon him or her by this chapter. Lack of privity
does not deprive any unit owner of standing to maintain an action to enforce any obligation
of the transferor. (2) If a successor to any special declarant right is an affiliate of a
declarant specified in Section 35-8A-103(1), the transferor is jointly and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-8A-304.htm - 6K - Match Info - Similar pages
40-15-1
Section 40-15-1 Meaning of "executor," "administrator" or "legal representative".
The terms "executor," "administrator" and "legal representative,"
used interchangeably in this chapter, shall be held to mean the executor or administrator
or trustee or legal representative of the decedent whose estate is subject to an estate tax
under this title. In the event no executor or administrator is appointed and qualified, then
the term "executor" as used herein shall be held to mean any person in actual or
constructive possession and acting for any estate subject to tax under this chapter. (Acts
1935, No. 194, p. 256; Code 1940, T. 51, §433.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15-1.htm - 949 bytes - Match Info - Similar pages
7-8-320
Section 7-8-320 (Effective Until January 1, 1997) Transfer or pledge within a central depository
system. (1) If a security: (a) Is in the custody of a clearing corporation or of a custodian
bank or a nominee of either subject to the instructions of the clearing corporation; and (b)
Is in bearer form or indorsed in blank by an appropriate person or registered in the name
of the clearing corporation or custodian bank or a nominee of either; and (c) Is shown on
the account of a transferor or pledgor on the books of the clearing corporation; Then, in
addition to other methods, a transfer or pledge of the security or any interest therein may
be effected by the making of appropriate entries on the books of the clearing corporation
reducing the account of the transferor or pledgor and increasing the account of the transferee
or pledgee by the amount of the obligation or the number of shares or rights transferred or
pledged. (2) Under this section entries may be with respect to like securities...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-320.htm - 2K - Match Info - Similar pages
|