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10A-2-8.57
Section 10A-2-8.57 Insurance. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. A corporation may purchase and
maintain insurance, or furnish similar protection, including but not limited to trust funds,
self-insurance reserves, or the like, on behalf of an individual who is or was a director,
officer, employee, or agent of the corporation, or who, while a director, officer, employee,
or agent of the corporation, is or was serving at the request of the corporation as a director,
officer, partner, trustee, employee, or agent of another foreign or domestic corporation,
partnership, joint venture trust, employee benefit plan, or other enterprise, against liability
asserted against or incurred by him or her in that capacity or arising from his or her status
as a director, officer, employee, or agent, whether or not the corporation would have power
to indemnify him or her against the same liability under Section...
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19-3D-17
Section 19-3D-17 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. RELIEF FROM LIABILITY
AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument
may not relieve an authorized fiduciary from liability for breach of trust to a greater extent
than the first-trust instrument. (b) A second-trust instrument may provide for indemnification
of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity
under the first trust for any liability or claim that would have been payable from the first
trust if the decanting power had not been exercised. (c) A second-trust instrument may not
reduce fiduciary liability in the aggregate. (d) Subject to subsection (c), a second-trust
instrument may divide and reallocate fiduciary powers among fiduciaries, including one or
more trustees, distribution advisors, investment advisors,...
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19-3D-3
Section 19-3D-3 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. SCOPE. (a) Except as
otherwise provided in subsections (b) and (c), this chapter applies to an express trust that
is irrevocable, or revocable by the settlor only with the consent of the trustee or a person
holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable
purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise
of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder,
or other person to distribute or appoint property in further trust or to modify a trust under
the trust instrument, laws of this state other than this chapter, common law, a court order,
or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor
to provide in a trust instrument for the distribution...
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40-7-17
Section 40-7-17 By whom property should be listed. The property of every minor shall be listed
by his guardian, if he has one; if he has no guardian, by his father, if living; if the father
is dead, by his mother, if living; if the mother is also dead or married, by the person having
it in charge; of the wife, by the husband, if living and sane, and the parties reside together;
if the husband is dead or insane, or he is not living with his wife, by the wife; of any person
for whose benefit the property is held in trust, by the trustee; of every deceased person,
by the executor or administrator, but if there be no executor or administrator by any person
having an interest in the estate of said decedent by bequest or devise or under the laws of
descent and distribution; of those whose property is in the hands of receivers, by such receivers;
of every firm or body corporate, by the partner, president, principal officer, or agent thereof;
property in the hands or custody of any public...
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10A-2-7.02
Section 10A-2-7.02 Special meeting. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A corporation shall hold
a special meeting of shareholders: (1) On call of its board of directors or the person or
persons authorized to do so by the articles of incorporation or bylaws; or (2) If the holders
of at least 10 percent of all the votes entitled to be cast on any issue proposed to be considered
at the proposed special meeting sign, date, and deliver to the corporation's president or
secretary one or more written demands for the meeting describing the purpose or purposes for
which it is to be held, who shall, within 21 days of the receipt of demand, cause notice to
be given of the meeting to be held within the minimum time following the notice prescribed
by Section 10A-2-7.05(a); or (3) On call of the holders of at least 10 percent of the votes
entitled to be cast at the proposed special meeting who signed a demand...
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26-1A-217
Section 26-1A-217 Gifts. (a) In this section, a gift "for the benefit of" a person
includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition
savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529,
26 U.S.C. Section 529, as amended. (b) Unless the power of attorney otherwise expressly provides,
language in a power of attorney granting general authority with respect to gifts authorizes
the agent only to: (1) make outright to, or for the benefit of, a person including the agent,
a gift of any of the principal's property, including by the exercise of a presently exercisable
general power of appointment held by the principal, in an amount per donee not to exceed the
annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section
2503(b), 26 U.S.C. Section 2503(b), as amended, without regard to whether the federal gift
tax exclusion applies to the gift, or if the principal's spouse agrees to...
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27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
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44-1-91
Section 44-1-91 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN
CODIFIED BY THE LEGISLATURE. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this article,
the following terms shall have the following meanings: (1) CAPITAL OUTLAY PROJECTS or CAPITAL
IMPROVEMENT PURPOSES. The planning, construction, reconstruction, enlargement, improvement,
repair, or renovation of Department of Youth Services facilities; the acquisition or purchase
of facilities for use of the Department of Youth Services; the acquisition or purchase of
land for Department of Youth Services facilities; and the acquisition or purchase of equipment.
(2) DEPARTMENT. The Alabama Department of Youth Services or any other department or agency
of the state that, by law, shall succeed to its functions and responsibilities. (3) FUND.
The Department of Youth Services Capital Improvement Trust Fund. (4) LAND or LANDS. Real property
and any interests therein. (5) STATE. The State of Alabama. (6)...
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10A-10-1.02
Section 10A-10-1.02 Definitions. As used in this chapter, unless the context otherwise requires,
the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE
INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held,
managed, administered, controlled, invested, or disposed of for the benefit and profit of
any person who may become a shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 860, inclusive, of the U.S. Internal Revenue Code, as amended
from time to time, and the rulings and regulations adopted thereunder. (2) SHARE. A transferable
unit of beneficial interest in a real estate investment trust. (3) SHAREHOLDER. The holder
of a transferable unit of beneficial interest in a real estate investment trust. (Acts 1995,
No. 95-628, p. 1317, §2; §10-13-2; amended and renumbered by Act 2009-513, p. 967, §308.)...
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19-3B-902
Section 19-3B-902 Standard of care; portfolio strategy; risk and return objectives. (a) A trustee
shall invest and manage trust assets as a prudent investor would, by considering the purposes,
terms, distribution requirements, and other circumstances of the trust. In satisfying this
standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee's
investment and management decisions respecting individual assets must be evaluated not in
isolation but in the context of the trust portfolio as a whole and as a part of an overall
investment strategy having risk and return objectives reasonably suited to the trust. (c)
Among circumstances that a trustee may consider in investing and managing trust assets are
such of the following as are relevant to the trust or its beneficiaries: (1) general economic
conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences
of investment decisions or strategies; (4) the role that each investment...
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