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35-5A-15
Section 35-5A-15 Delivery, payment, or expenditure of custodial property for benefit of minor.
(a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much
of the custodial property as the custodian considers advisable for the use and benefit of
the minor, without court order and without regard to (1) the duty or ability of the custodian
personally or of any other person to support the minor, or (2) any other income or property
of the minor which may be applicable or available for that purpose. (b) On petition of an
interested person or the minor if the minor has attained the age of 14 years, the court may
order the custodian to deliver or pay to the minor or expend for the minor's benefit so much
of the custodial property as the court considers advisable for the use and benefit of the
minor. (c) A delivery, payment, or expenditure under this section is in addition to, not in
substitution for, and does not affect any obligation of a person to support the...
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35-5A-2
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 substitute custodian designated
under Section 35-5A-19. (8) FINANCIAL INSTITUTION. A bank, trust company, savings institution,
or credit union, chartered and supervised under state or federal law. (9) LEGAL REPRESENTATIVE.
An individual's personal representative or conservator. (10) MEMBER OF THE MINOR'S
FAMILY. The minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt,
whether of the whole or half blood or by adoption. (11) MINOR. An individual who has not attained
the age of 21 years. (12) PERSON. An individual, corporation, organization, or other legal
entity. (13) PERSONAL REPRESENTATIVE. An executor, administrator, successor personal
representative, or special administrator of a decedent's estate or a...
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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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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-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-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-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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35-5A-19
Section 35-5A-19 Renunciation, resignation, death or removal of custodian; designation of successor
custodian. (a) A person nominated under section 35-5A-4 or designated under section 35-5A-10
as custodian may decline to serve by delivering a valid disclaimer to the person who made
the nomination or to the transferor or the transferor's legal representative or by effecting
a valid disclaimer in the manner that interests in property may be disclaimed under the Alabama
Uniform Disclaimer of Property Interests Act. If the event giving rise to a transfer has not
occurred and no substitute custodian able, willing, and eligible to serve was nominated under
section 35-5A-4, the person who made the nomination may nominate a substitute custodian under
section 35-5A-4; otherwise the transferor or the transferor's legal representative shall designate
a substitute custodian at the time of the transfer, in either case from among the persons
eligible to serve as custodian for that kind of property...
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26-2A-136
over the estate and business affairs which the person could exercise if present and not under
disability, except the power to make a will. Subject to subsection (c), those powers include,
but are not limited to, power to make gifts; to convey or release contingent and expectant
interests in property, including marital property rights and any right of survivorship incident
to joint tenancy or tenancy by the entirety; to exercise or release powers held by the protected
person as trustee, personal representative, custodian for minors, conservator, or donee
of a power of appointment; to enter into contracts; to create revocable or irrevocable trusts
of property of the estate which may extend beyond the disability or life of the protected
person; to exercise options of the protected person to purchase securities or other property;
to exercise rights to elect options and change beneficiaries under insurance and annuity policies
and to surrender the policies for their cash value; to...
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26-2A-78
education, or maintenance, but a guardian is not personally liable for the ward's expenses
and is not liable to third persons by reason of the relationship for acts of the ward. (b)
In particular and without qualifying the foregoing, a guardian shall: (1) Become or remain
personally acquainted with the ward and maintain sufficient contact with the ward to know
of the ward's capacities, limitations, needs, opportunities, and physical and mental health;
(2) Take reasonable care of the ward's personal effects and commence protective proceedings
if necessary to protect other property of the ward; (3) Apply any available money of the ward
to the ward's current needs for health, support, education, or maintenance; (4) Conserve any
excess money of the ward for the ward's future needs, but if a conservator has been appointed
for the estate of the ward, the guardian, at least quarterly, shall pay to the conservator
money of the ward to be conserved for the ward's future needs; and (5)...
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