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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, ยง16.)...
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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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11-81-21
Section 11-81-21 Investment of funds obligation in which sinking funds may be invested. Any
municipal funds or county funds not presently needed for other purposes may be invested in
any obligations in which sinking funds are now authorized to be invested, pursuant to Section
11-81-19, and in addition in any of the following: (1) Direct obligations of (including obligations
issued or held in book entry form on the books of) the Department of the Treasury of the United
States of America; (2) Obligations of any of the following federal agencies, which obligations
represent the full faith and credit of the United States of America: a. Farmers Home Administration.
b. General Services Administration. c. U. S. Maritime Administration. d. Small Business Administration.
e. Government National Mortgage Association (GNMA). f. U. S. Department of Housing and Urban
Development (HUD). g. Federal Housing Administration (FHA). (3) U. S. dollar denominated deposit
accounts and certificates of deposit...
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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...
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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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19-1A-2
Section 19-1A-2 (Effective January 1, 2018) Definitions. In this chapter, the following terms
have the following meanings: (1) "Account" means an arrangement under a terms-of-service
agreement in which a custodian carries, maintains, processes, receives, or stores a digital
asset of the user or provides goods or services to the user. (2) "Agent" means a
person granted authority to act for a principal under a power of attorney, whether denoted
an agent, attorney-in-fact, or otherwise. The term includes an original agent, co-agent, successor
agent, and person to which an agent's authority is delegated. (3) "Carries" means
engages in the transmission of an electronic communication. (4) "Catalogue of electronic
communications" means information that identifies each person with which a user has had
an electronic communication, the time and date of the communication, and the electronic address
of the person. (5) "Conservator" means a person appointed by a court to manage the
estate of a...
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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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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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19-3B-201
Section 19-3B-201 Role of court in administration of trust. (a) The court may intervene in
the administration of a trust to the extent its jurisdiction is invoked by an interested person
or as provided by law. (b) A trust is not subject to continuing judicial supervision unless
ordered by the court. (c) A judicial proceeding involving a trust may relate to any matter
involving the trust's administration, including a request for instructions and an action to
declare rights. (d) A judicial proceeding involving a trust may relate to any matter involving
the trust's administration, including, but not being limited to a proceeding to: (1) request
instructions; (2) determine the existence or nonexistence of any immunity, power, privilege,
duty or right; (3) approve a nonjudicial settlement; (4) interpret or construe the terms of
the trust; (5) determine the validity of a trust or of any of its terms; (6) approve a trustee's
report or accounting or compel a trustee to report or account; (7)...
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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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