10A-17-1.05
Section 10A-17-1.05 Real and personal property; nonprofit association as legatee, devisee, or beneficiary. (a) Unless prohibited or otherwise limited by its written rules or governing documents, a nonprofit association in its name may acquire, hold, encumber, or transfer an estate or interest in real or personal property. (b) Unless prohibited or otherwise limited by its written rules or governing documents, a nonprofit association may be a legatee, devisee, or beneficiary of a trust or contract. (c) Real and personal property in Alabama may be acquired, held, encumbered, and transferred by a nonprofit association, whether the nonprofit association or a member has any other relationship to Alabama. (Acts 1995, No. 95-527, p. 1064, §5; §10-3B-5; amended and renumbered by Act 2009-513, p. 967, §320.)...
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19-3-60
Section 19-3-60 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.)...
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19-3A-404
Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules in Section 19-3A-401 through Section 19-3A-415, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit; (3) Amounts recovered from third parties to reimburse the trust because of disbursements described in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; (5) Net income received in an...
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19-3D-14
Section 19-3D-14 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. PROTECTION OF CHARITABLE INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL. Not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986, as amended, on the date of the distribution, if the charitable organization meets the requirement on the date of determination. (b) If a first trust...
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35-4-51
Section 35-4-51 What instruments admitted to record; filing as notice of contents; section cumulative. Except as may be otherwise provided by the Uniform Commercial Code, all deeds, mortgages, deeds of trust, bills of sale, contracts, or other documents purporting to convey any right, title, easement, or interest in any real estate or personal property and all assignments of mortgages, deeds of trust, or other securities for debt or extension agreements with respect thereto, when executed in accordance with law, shall be admitted to record in the office of the probate judge of any county. Their filing for registration shall constitute notice of their contents. This section shall not be construed as superseding or repealing any other laws effective in Alabama relative to the subject matter in this article, but shall be held and construed to be cumulative. (Acts 1927, No. 442, p. 496; Code 1940, T. 47, §95; Acts 1965, No. 549, p. 811.)...
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35-4A-3
Section 35-4A-3 When nonvested property interest or power of appointment created. (a) Except as provided in subsections (b), (c), and (d) and in Section 35-4A-5, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (b) For purposes of this chapter, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in Section 35-4A-2(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. (c) For purposes of this chapter, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of...
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10A-10-1.19
Section 10A-10-1.19 Liability of trustee. (a) Subject to the provisions of subsection (b), a trustee of a real estate investment trust is not personally liable for the obligations of the real estate investment trust. (b) If a trustee otherwise would be liable, the provisions of this subsection do not relieve the trustee from any liability to the trust or its security holders for any act that constitutes: (1) Bad faith. (2) Willful misfeasance. (3) Gross negligence. (4) Reckless disregard of the trustee's duties. (c)(1) Except as provided in subdivision (2), the declaration of trust of a real estate investment trust may include any provision expanding or limiting the liability of its trustees and officers to the trust or its shareholders for money damages. (2) The declaration of trust of a real estate investment trust may not include any provision that restricts or limits the liability of its trustees or officers to the trust or its shareholders: a. To the extent that it is proven that...
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19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in any will, trust agreement or other document which is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity, whether an individual, corporation or other entity ("fiduciary") shall have the following powers, rights and remedies whether or not set forth in the will, trust agreement or other document which is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated, property held by the fiduciary, including interests in sole proprietorships, partnerships, or corporations and any assets owned by any such business enterprise, for the purpose of determining compliance with environmental law affecting such property and to respond to any actual or potential violation of any environmental law affecting property held by...
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19-3A-302
Section 19-3A-302 Apportionment of receipts and disbursements upon decedent's death or when income interest begins. (a) A fiduciary shall allocate an income receipt or disbursement, other than one to which Section 19-3A-201(a) applies, to principal in the following instances: (1) In the case of a decedent's estate, if its due date occurs before the date of a decedent's death; or (2) In the case of a trust or successive income interest, if its due date occurs before an income interest begins. (b) A fiduciary shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or if it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal and the...
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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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