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.)...
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35-5A-2
Section 35-5A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer's
plan for the benefit of an employee or partner, or an individual retirement account. (3) BROKER.
A person lawfully engaged in the business of effecting transactions in securities or commodities
for the person's own account or for the account of others. (4) CONSERVATOR. A person appointed
or qualified by a court to act as general, limited, or temporary guardian of a minor's property
or a person legally authorized to perform substantially the same functions. (5) COURT. Circuit
court. (6) CUSTODIAL PROPERTY. a. Any interest in property transferred to a custodian under
this chapter and b. The income from and proceeds of that interest in property. (7) CUSTODIAN.
A person so designated under Section 35-5A-10 or a successor or...
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35-5A-12
Section 35-5A-12 Validity of transfer; interest conveyed; rights of custodian and minor
as to property transferred; provisions of chapter incorporated in transfer; transfer does
not authorize settlement or release of claims. (a) The validity of a transfer made in a manner
prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with
section 35-5A-10(c) concerning possession and control; (2) Designation of an ineligible
custodian, except designation of the transferor in the case of property for which the transferor
is ineligible to serve as custodian under section 35-5A-10(a); or (3) Death or incapacity
of a person nominated under section 35-5A-4 or designated under section 35-5A-10
as custodian or the disclaimer of the office by that person. (b) A transfer made pursuant
to section 35-5A-10 is irrevocable, and conveys to the minor indefeasibly vested title
to the custodial property, but the custodian has the rights, powers, duties, and authority
provided in...
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35-5A-9
Section 35-5A-9 Receipt and discharge for transfer of custodial property. A written
acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for
custodial property transferred to the custodian pursuant to this chapter. An acknowledgment
of delivery by a custodian, who believes in good faith that the transfer does not exceed the
limitations on value prescribed in Sections 35-5A-7(c) and 35-5A-8(c), is a sufficient receipt
and discharge in accordance with this section, even though the values may subsequently
be determined to exceed the value limitations. (Acts 1986, No. 86-453, p. 819, §8.)...
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35-5A-6
Section 35-5A-6 Transfer by will or trust. (a) A personal representative or trustee
may make an irrevocable transfer pursuant to Section 35-5A-10 to a custodian for the
benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor
has nominated a custodian under Section 35-5A-4 to receive the custodial property,
the transfer must be made to that person. (c) If the testator or settlor has not nominated
a custodian under Section 35-5A-4, or all persons so nominated as custodian dies before
the transfer or are unable, decline, or are ineligible to serve, the personal representative
or the trustee, as the case may be, shall designate the custodian from among those eligible
to serve as custodian for property of that kind under subsection (a) of Section 35-5A-10.
(Acts 1986, No. 86-453, p. 819, §5.)...
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35-5A-21
Section 35-5A-21 Termination of custodianship upon minor's reaching age 21 or age of
majority or upon minor's death. The custodian shall transfer in an appropriate manner the
custodial property to the minor or to the minor's estate upon the earlier of: (1) The minor's
attainment of 21 years of age with respect to custodial property transferred under section
35-5A-5 or 35-5A-6; (2) The minor's attainment of majority under the laws of this state other
than this chapter with respect to custodial property transferred under section 35-5A-7
or 35-5A-8; or (3) The minor's death. (Acts 1986, No. 86-453, p. 819, §20.)...
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35-5A-3
Section 35-5A-3 Transfers and custodians to which chapter applicable; personal jurisdiction
over custodian; transfers made under law of another state. (a) This chapter applies to a transfer
that refers to this chapter in the designation under section 35-5A-10(a) by which the
transfer is made if at the time of the transfer, the transferor, the minor, or the custodian
is a resident of this state or the custodial property is located in this state. The custodianship
so created remains subject to this chapter despite a subsequent change in residence of a transferor,
the minor, or the custodian, or the removal of custodial property from this state. The custodianship
so created remains subject to this chapter, even though the custodian so nominated subsequently
declines to serve through renunciation or resignation. (b) A person designated as custodian
under this chapter is subject to personal jurisdiction in this state with respect to any matter
relating to the custodianship. (c) A transfer...
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35-5A-8
Section 35-5A-8 Transfer by obligor. (a) Subject to subsections (b) and (c), a person
not subject to Section 35-5A-6 or 35-5A-7 who holds property of or owes a liquidated
debt to a minor not having a conservator may make an irrevocable transfer to a custodian for
the benefit of the minor pursuant to Section 35-5A-10. (b) If a person having the right
to do so under Section 35-5A-4 has nominated a custodian under that section
to receive the custodial property, the transfer must be made to that person. (c) If no custodian
has been nominated under Section 35-5A-4, or all persons so nominated as custodian
die before the transfer or are unable, decline, or are ineligible to serve, a transfer under
this section may be made to an adult member of the minor's family or to a trust company
unless the property exceeds fifty thousand dollars ($50,000) in value. (Acts 1986, No. 86-453,
p. 819, §7; Act 2013-250, p. 624, §1.)...
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35-5A-20
Section 35-5A-20 Accounting by and determining of liability of custodian. (a) A minor
who has attained the age of 14 years, the minor's guardian of the person or legal representative,
an adult member of the minor's family, a transferor, or a transferor's legal representative
may petition the court (1) for an accounting by the custodian or the custodian's legal representative;
or (2) for a determination of responsibility, as between the custodial property and the custodian
personally, for claims against the custodial property unless the responsibility has been adjudicated
in an action under section 35-5A-18 to which the minor or the minor's legal representative
was a party. (b) A successor custodian may petition the court for an accounting by the predecessor
custodian. (c) The court, in a proceeding under this chapter or in any other proceeding, may
require or permit the custodian or the custodian's legal representative to account. (d) If
a custodian is removed under section...
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40-23-1
Section 40-23-1 Definitions; transactions considered or not considered sales. (a) For
the purpose of this division, the following terms shall have the respective meanings ascribed
by this section: (1) PERSON or COMPANY. Used interchangeably, includes any individual,
firm, copartnership, association, corporation, receiver, trustee, or any other group or combination
acting as a unit and the plural as well as the singular number, unless the intention to give
a more limited meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue
of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama.
(4) TAX YEAR or TAXABLE YEAR. The calendar year. (5) SALE or SALES. Installment and credit
sales and the exchange of properties as well as the sale thereof for money, every closed transaction
constituting a sale. Provided, however, a transaction shall not be closed or a sale completed
until the time and place when and where title is transferred by...
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