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19-3A-301
Section 19-3A-301 When right to income begins and ends. (a) An income beneficiary is entitled
to net income from the date on which the income interest begins. An income interest begins
on the date specified in the terms of the trust or, if no date is specified, then on the date
an asset becomes subject to a trust or a successive income interest. (b) An asset becomes
subject to a trust at the following times: (1) In the case of an asset that is transferred
to a trust during the transferor's life, on the date such asset is transferred to the trust;
(2) In the case of an asset that becomes subject to a trust by reason of a will, on the date
of a testator's death, even if there is an intervening period of administration of the testator's
estate; or (3) In the case of an asset that is transferred to a fiduciary by a third party
because of the individual's death, on the date of an individual's death. (c) An asset becomes
subject to a successive income interest on the day after the preceding...
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38-9B-3
Section 38-9B-3 Contributors allowed to supplement care of impaired persons; assets of trustees.
THIS SECTION WAS AMENDED BY ACT 2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31,
2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Contributors may supplement the care,
support, habilitation, and treatment of impaired persons pursuant to this chapter. Neither
the contribution to the AFT Trust for the benefit of a life beneficiary nor the use of AFT
Trust assets to provide benefits shall in any way reduce, impair, or diminish the benefits
to which a person is otherwise entitled by law. The establishment and administration of the
AFT Trust shall not be taken into consideration in appropriations for the department or the
Alabama Medicaid Agency to render services required by law. (b) The assets held by the trustee
and assets held in the AFT Trust and the AFT Charitable Trust pursuant to this chapter shall
not be considered state money, assets of the state, or revenue for any...
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19-3A-202
Section 19-3A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary
described in Section 19-3A-201(d) is entitled to receive a portion of the net income equal
to the beneficiary's fractional interest in undistributed principal assets, using inventory
values as of the appropriate distribution dates. (b) In determining a beneficiary's share
of net income, the following rules apply: (1) The beneficiary's fractional interest in the
undistributed principal assets shall be calculated without regard to property specifically
given to the beneficiary and property required to pay pecuniary amounts not in trust. (2)
The beneficiary's fractional interest in the undistributed principal assets shall be calculated
on the basis of the aggregate inventory value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not
distribute all of the collected but undistributed net income to each person as of a...
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19-3A-506
Section 19-3A-506 Adjustments between principal and income because of taxes. (a) A fiduciary
may make adjustments between principal and income to offset the shifting of economic interests
or tax benefits between income beneficiaries and remainder beneficiaries which arise from
any of the following: (1) Elections and decisions, other than those described in subsection
(b), that the fiduciary makes from time to time regarding tax matters; (2) An income tax or
any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction
involving a decedent's estate, a trust, or a distribution from a decedent's estate or a trust;
or (3) The ownership by a decedent's estate or trust of an interest in an entity whose taxable
income, whether or not distributed, is includable in the taxable income of the decedent's
estate, trust, or a beneficiary. (b) If the amount of an estate tax marital deduction or charitable
contribution deduction is reduced because a fiduciary deducts...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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35-4A-5
Section 35-4A-5 Exclusions from statutory rule against perpetuities. Section 35-4A-2, the statutory
rule against perpetuities, does not apply to: (1) a nonvested property interest or a power
of appointment arising out of a nondonative transfer, except a nonvested property interest
or a power of appointment arising out of (i) a premarital or postmarital agreement, (ii) a
separation or divorce settlement, (iii) a spouse's election, (iv) a similar arrangement arising
out of a prospective, existing, or previous marital relationship between the parties, (v)
a contract to make or not to revoke a will or trust, (vi) a contract to exercise or not to
exercise a power of appointment, (vii) a transfer in satisfaction of a duty of support, or
(viii) a reciprocal transfer; (2) a fiduciary's power relating to the administration or management
of assets, including the power of a fiduciary to sell, lease, or mortgage property, and the
power of a fiduciary to determine principal and income; (3) a power...
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19-3D-2
Section 19-3D-2 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. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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19-3B-108
Section 19-3B-108 Principal place of administration. (a) Without precluding other means for
establishing a sufficient connection with the designated jurisdiction, terms of a trust designating
the principal place of administration are valid and controlling if: (1) a trustee's principal
place of business is located in or a trustee is a resident of the designated jurisdiction;
or (2) all or part of the administration occurs in the designated jurisdiction. (b) A trustee
shall administer the trust at a place appropriate to its purposes, its administration, and
the interests of the beneficiaries; provided, however, a trustee shall not be required to
transfer the trust's principal place of administration to another state or to a jurisdiction
outside of the United States. (c) Without precluding the right of the court to order, approve,
or disapprove a transfer, the trustee may transfer the trust's principal place of administration
to another state or to a jurisdiction outside of the United...
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19-3B-110
Section 19-3B-110 Others treated as qualified beneficiaries. (a) Whenever notice to qualified
beneficiaries of a trust is required under this chapter, the trustee must also give notice
to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization
expressly designated to receive distributions under the terms of a charitable trust has the
rights of a qualified beneficiary under this chapter if the charitable organization, on the
date of the charitable organization's qualification is being determined: (1) is a distributee
or a permissible distributee of trust income or principal; (2) would be a distributee or permissible
distributee of trust income or principal upon the termination of the interests of other distributees
or permissible distributees then receiving or eligible to receive distributions; or (3) would
be a distributee or permissible distributee of trust income or principal if the trust terminated
on that date. (c) A person appointed to...
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27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
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