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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-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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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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35-5A-13
Section 35-5A-13 Powers and duties of custodian as to custodial property generally. (a) A custodian
shall: (1) Take control of custodial property; (2) Register or record title to custodial property
if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b)
In dealing with custodial property, a custodian shall observe the standard of care that would
be observed by a prudent person dealing with property of another and is not limited by any
other statute restricting investments by fiduciaries. If a custodian has a special skill or
expertise or is named custodian on the basis of representations of a special skill or expertise,
the custodian shall use that skill or expertise. However, a custodian, in the custodian's
discretion and without liability to the minor or the minor's estate, may retain any custodial
property received from a transferor. (c) A custodian may invest in or pay premiums on life
insurance or endowment policies on (1) the life of the minor...
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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-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-10
the words: "as custodian for ______ (name of minor) under the Alabama Uniform Transfers
to Minors Act"; (5) An interest in real property is conveyed in the name of the transferor,
an adult other than the transferor, or a trust company, followed in substance by the words:
"as custodian for ______ (name of minor) under the Alabama Uniform Transfers to Minors
Act"; (6) A certificate of title issued by a department or agency of a state or of the
United States which evidences title to tangible personal property is either: a. Issued
in the name of the transferor, an adult other than the transferor, or a trust company, followed
in substance by the words: "as custodian for ______ (name of minor) under the Alabama
Uniform Transfers to Minors Act"; or b. Delivered to an adult other than the transferor
or to a trust company, endorsed to that person followed in substance by the words: "as
custodian for ______ (name of minor) under the Alabama Uniform Transfers to Minors Act";
or (7) An interest...
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5-17-16
to the persons having the actual custody or control of the minor child or children of the deceased;
provided, that such person, if not the legal guardian, shall execute to the probate judge
of the county a bond in the penal sum of double the amount of such deposit for the faithful
accounting of the money so received, which shall be approved by the probate judge, or, if
there is no minor child or children, to the person or persons who under the laws of Alabama
are the heirs and inherit the personal property of the deceased. No such payment is
to be made before the lapse of 60 days from the date of the death of the deceased, and no
such payment must be made by the credit union under this section if letters testamentary or
of administration have been issued to a personal representative or a proceeding is
pending to probate a will of the deceased, or if a petition of letters of administration on
the estate of the deceased is pending in the court in this state which would have...
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43-8-1
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 period of time as computed in accordance with section 1-1-4 and Rule
6(a), Alabama Rules of Civil Procedure. (5) DEVISE. When used as a noun, means a testamentary
disposition of real or personal property and when used as a verb, means to dispose
of real or personal property by will. (6) DEVISEE. Any person designated in a will
to receive a devise. In the case of a devise to an existing trust or trustee, or to a trustee
or trust described by will, the trust or trustee is the devisee and the beneficiaries are
not devisees. (7) DISTRIBUTEE. Any person who has received property of a decedent from his
personal representative other than as creditor or purchaser. A testamentary trustee
is...
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19-1A-2
or liability is itself an electronic record. (11) "Electronic" means relating to
technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar
capabilities. (12) "Electronic communication" has the meaning set forth in 18 U.S.C.
Section 2510(12), as amended. (13) "Electronic-communication service" means a custodian
that provides to a user the ability to send or receive an electronic communication. (14) "Fiduciary"
means an original, additional, or successor personal representative, conservator, agent,
or trustee. (15) "Good faith" means honesty in fact and reasonable under the circumstances.
(16) "Information" means data, text, images, videos, sounds, codes, computer programs,
software, databases, or the like. (17) "Online tool" means an electronic service
provided by a custodian that allows the user, in an agreement distinct from the terms-of-service
agreement between the custodian and user, to provide directions for disclosure or nondisclosure
of...
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