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35-4-250
Section 35-4-250 Effect of use, trust, or confidence for mere benefit of third persons. No
use, trust, or confidence can be declared of any land, or of any charge upon the same, for
the mere benefit of third persons; and all assurances declaring any such use, trust, or confidence
must be held and taken to vest the legal estate in the person or persons for whom the same
is declared; and no estate or interest can vest thereby in any trustee. (Code 1852, §1306;
Code 1867, §1576; Code 1876, §2185; Code 1886, §1831; Code 1896, §1027; Code 1907, §3408;
Code 1923, §6912; Code 1940, T. 47, §144.)...
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38-9B-1
Section 38-9B-1 Legislative findings. (a) The Legislature finds and declares the following:
(1) It is an essential function of state government to provide basic support for persons with
a mental or physical impairment that substantially limits one or more major life activities,
whether the impairment is congenital or occurs by reason of accident, injury, age, or disease.
(2) The cost of providing basic support for persons with a mental or physical impairment is
difficult for many citizens to afford, and they are forced to rely upon the government to
provide that support. (3) The families and friends of persons with a mental or physical impairment
desire to supplement, but not replace, the basic support provided by state government and
other governmental programs. (4) Medical, social, and other supplemental services are often
provided by family members and friends of persons with a mental or physical impairment, for
the lifetime of the impaired persons. (5) It is necessary and desirable...
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16-33C-13
Section 16-33C-13 Dissolution of ACES Program. In the event of dissolution of the ACES Program
by the Alabama Legislature, any balances which remain in the ACES Trust Fund and in the ACES
Administrative Fund after all costs and liabilities of the ACES Program have been paid, shall
be returned to contributors according to savings agreements. Any unclaimed assets remaining
in the ACES Program thereafter shall be administered in accordance with the Alabama Uniform
Disposition of Unclaimed Property Act, Article 2 of Chapter 12 of Title 35. (Act 2001-427,
p. 544, §2.)...
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10A-2-14.40
Section 10A-2-14.40 Deposit with State Treasurer. REPEALED IN THE 2019 REGULAR SESSION BY ACT
2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Assets of a
dissolved corporation that should be transferred to a creditor, claimant, or shareholder of
the corporation who cannot be found or who is not competent to receive them shall be reduced
to cash and deposited with the State Treasurer for safekeeping. When the creditor, claimant,
or shareholder furnishes satisfactory proof of entitlement to the amount deposited, the State
Treasurer shall pay him or her or his or her representative that amount. The assets shall
be held for the owner by the State Treasurer for three years and any assets which remain unclaimed
by the owner after three years shall be presumed abandoned and subject to the provisions of
the Uniform Disposition of Unclaimed Property Act. (Acts 1994, No. 94-245, p. 343, §1; §10-2B-14.40;
amended and renumbered by Act 2009-513, p. 967, §151.)...
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27-3-15
Section 27-3-15 Deposit requirements - Alien insurers - Trusteed assets. (a) In order to comply
with the requirements of Section 27-3-14, an alien insurer shall appoint citizens of the United
States of America or public depositaries or trust institutions located in the United States,
all as approved by the commissioner, as trustee, or trustees, to hold its funds and assets
in trust for the benefit of its policyholders or policyholders and creditors in the United
States. Any such trustee, or trustees, shall be named by the board of directors or comparable
directive body of the insurer, and a certified copy of the record of the appointment and of
the deed of trust shall be filed with the commissioner. (b) Funds and assets so held, to the
extent that they consist of cash, securities and other assets of the same general character
as are eligible for the investment of like funds of a domestic insurer, under Sections 27-1-8
and 27-1-9, shall constitute the assets of the insurer for the...
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19-3D-27
Section 19-3D-27 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. OBLIGATIONS. A debt,
liability, or other obligation enforceable against property of a first trust is enforceable
to the same extent against the property when held by the second trust after exercise of the
decanting power. (Act 2018-519, §27.)...
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45-41-83.22
Section 45-41-83.22 Dissolution of program. Upon the voluntary dissolution of the Lee County
Alternative Sentencing Program and the board, or upon its termination by law or rule of a
court, all of its assets, other than those assets held for the benefit of some other person
or entity, whether real or personal, tangible or intangible, shall become the property of
the Lee County Commission. (Act 2009-330, p. 558, §23.)...
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11-54-129
Section 11-54-129 Use of assets. (a) Subject to succeeding provisions hereof with respect to
the investment of moneys held in and forming a part of an endowment trust fund, and the management,
use, and disposition of other properties, whether real or personal, tangible or intangible,
contributed to such fund, all moneys held in and forming a part of an endowment trust fund,
whether such moneys may be characterized as either principal or income of such fund, may be
expended, and all other properties contributed to a trust fund may be used only to induce
new business, manufacturing, industrial, commercial, service, and research enterprises, whether
or not any such enterprise, or any property to be utilized in connection therewith, would
constitute a "project" within the meaning of either industrial development board
act, to locate within the statutory service area of the board that created such fund, and
to foster activities and policies conducive to the continuing prosperity of such...
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10A-16-1.01
Section 10A-16-1.01 Definition of "business trust." A business trust is an express
trust created by a written declaration of trust whereby property is conveyed to one or more
trustees, who hold and manage the same for the benefit and profit of such persons as may be
or become the holders of transferable certificates evidencing the beneficial interest in the
trust estate. (Acts 1961, Ex. Sess., No. 251, p. 2263, §1; §19-3-60; amended and renumbered
by Act 2009-513, p. 967, §318.)...
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19-3D-12
Section 19-3D-12 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. DECANTING POWER UNDER
LIMITED DISTRIBUTIVE DISCRETION. (a) In this section, "limited distributive discretion"
means a discretionary power of distribution that is limited to an ascertainable standard or
a reasonably definite standard. (b) An authorized fiduciary that has limited distributive
discretion over the principal of the first trust for the benefit of one or more current beneficiaries
may exercise the decanting power over the principal of the first trust. If an authorized fiduciary
has limited distributive discretion over part but not all of the principal of a first trust,
the fiduciary may exercise the decanting power over that part of the principal over which
the authorized fiduciary has limited distributive discretion. (c) Under this section and subject
to Section 19-3D-14, a second trust may be created or...
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