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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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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust invests,
etc.; disposition of funds. (a) No cemetery authority may directly or indirectly require or
direct the investment, reinvestment, or retention by a qualified trustee of any part of an
endowment care trust in any asset or business in which the cemetery authority or any officer,
director, owner, partner, or employee of the cemetery authority has a financial interest.
Nothing contained in this subsection shall prevent the trustee, subject to the provisions
regarding investment and reinvestment of the trust estate as are contained in the governing
instrument creating the trust, from investing, reinvesting, or retaining any asset or business
in which the cemetery authority or any officer, director, owner, partner, or employee of the
cemetery authority has an insubstantial or nonmaterial financial interest, provided that the
trustee, in the exercise of the trustee's discretion, deems the...
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35-10-50
Section 35-10-50 Definitions. Unless the context otherwise requires, the words defined in this
section shall have the following meanings in this article. (1) DEED IN LIEU OF FORECLOSURE.
Any instrument, however denominated, whereby a mortgagor transfers to a mortgagee the mortgagor's
rights in mortgaged property. (2) MORTGAGE. A mortgage, deed of trust, or similar security
instrument on real property, or instrument creating a vendor's lien on real property, securing
the payment of money. (3) MORTGAGOR. An owner of an interest in mortgaged property. (4) MORTGAGEE.
The owner of the debt secured by a mortgage. (5) MORTGAGED PROPERTY. Any real property or
interest therein that is subject to a mortgage. (6) EQUITY OF REDEMPTION. The interest the
mortgagor has in the mortgaged property. (Acts 1987, No. 87-660, p. 1168, §1.)...
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40-15B-5
Section 40-15B-5 Credits and deferrals. Except as otherwise provided in Sections 40-15B-6 and
40-15B-7, the following rules apply to credits and deferrals of estate taxes: (1) A credit
resulting from the payment of gift taxes or from estate taxes paid on property previously
taxed inures ratably to the benefit of all persons to which the estate tax is apportioned.
(2) A credit for state or foreign estate taxes inures ratably to the benefit of all persons
to which the estate tax is apportioned, except that the amount of a credit for a state or
foreign tax paid by a beneficiary of the property on which the state or foreign tax was imposed,
directly or by a charge against the property, inures to the benefit of the beneficiary. (3)
If payment of a portion of an estate tax is deferred because of the inclusion in the gross
estate of a particular interest in property, the benefit of the deferral inures ratably to
the persons to which the estate tax attributable to the interest is apportioned....
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10-13-2
Section 10-13-2 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 shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 858, inclusive, of the U.S. Internal Revenue Code, 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.)...
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11-40-62
Section 11-40-62 Definitions. As used in this article, the following words and phrases shall
have the following meanings: (1) INTERESTED PARTY. Includes the following parties: a. The
person who last appears as owner of the real property in the county office of the judge of
probate's property records. b. The current mortgagee of record of the property or assignee
of record of the mortgagee. c. The current holder of a beneficial interest in a deed of trust
recorded against the real property. d. A tax certificate holder. e. A tax sale purchaser that
holds a deed of purchase in accordance with Section 40-10-29. f. Any party having an interest
in the real property, or in any part thereof, legal or equitable, in severalty or as tenant
in common, whose identity and addresses are reasonably ascertainable from the records of the
Class 2 municipality or records maintained in the county office of the judge of probate or
as revealed by a full title search, consisting of 50 years or more. g. An...
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40-15B-9
Section 40-15B-9 Collection of estate tax by fiduciary. (a) A fiduciary responsible for payment
of an estate tax may collect from any person the tax apportioned to and the tax required to
be advanced by the person. (b) Except as otherwise provided in Section 40-15B-6, any estate
tax due from a person that cannot be collected from the person may be collected by the fiduciary
from other persons in the following order of priority: (1) any person having an interest in
the apportionable estate which is not exonerated from the tax; (2) any other person having
an interest in the apportionable estate; (3) any person having an interest in the gross estate.
(c) A domiciliary fiduciary may recover from an ancillary personal representative the estate
tax apportioned to the property controlled by the ancillary personal representative. (d) The
total tax collected from a person pursuant to this chapter may not exceed the value of the
person's interest. (Act 2007-283, p. 501, §9.)...
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8-6-71
Section 8-6-71 (Repealed effective January 1, 1997) Definitions. For the purposes of this article,
unless the context otherwise requires, the following terms shall have the meanings respectively
ascribed to them by this section: Assignment. Such term includes any written stock power,
bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. Claim
of beneficial interest. Such term includes a claim of any interest by a decedent's legatee,
distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of
a security registered in the name of a nominee or a minor owner of a security registered in
the name of a custodian, or a claim of any similar interest whether the claim is asserted
by the claimant, a fiduciary, or by any other authorized person on his behalf and includes
a claim that the transfer would be in breach of fiduciary duties. Corporation. A private or
public corporation, association, or trust issuing a security. Fiduciary. An...
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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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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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