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43-2-22
Section 43-2-22 Disqualification of certain persons to serve as executor or administrator.
(a) No person must be deemed a fit person to serve as executor who is under the age of 19
years, or who has been convicted of an infamous crime, or who, from intemperance, improvidence
or want of understanding, is incompetent to discharge the duties of the trust. Nor shall any
nonresident of the state be appointed as administrator unless he is at the time executor or
administrator of the same estate in some other state or territory or jurisdiction, duly qualified
under the laws of that jurisdiction. (b) If the person named in the will as sole executor
is or if all the persons named therein as executors are, from any of the causes enumerated
in subsection (a), unfit to serve as executor or executors, letters of administration, with
the will annexed, may be granted on the testator's estate, under the provisions of section
43-2-27. (Code 1852, §§1658, 1659; Code 1867, §§1976, 1977; Code 1876,...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless
otherwise authorized or directed by the court having jurisdiction thereof, or by the 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, other than as a trustee governed by
the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition
to any other investments now permitted by law, may invest funds in securities or investments
which, at the time of the making or purchase thereof, are included in one or more of the following
classes: (1) Bonds or other interest-bearing obligations of the United States of America,
or payment of which the United States of America has guaranteed as to both principal and interest.
(2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States
of America, designated as "the Federal Farm Loan...
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40-18-1
existed on December 31, 2007. (8) CORPORATION. The term includes associations, joint stock
companies, and any other entity classified as an association taxable as a corporation for
federal income tax purposes. (9) DISREGARDED ENTITY. Any entity which is disregarded for federal
income tax purposes. (10) DOMESTIC. When applied to a corporation or subchapter K entity means
created or organized under the laws of the State of Alabama. (11) FIDUCIARY. A guardian, trustee,
executor, administrator, personal representative, receiver, conservator, or any person
acting in any fiduciary capacity for any person. (12) FISCAL YEAR. An accounting period of
12 months ending on the last day of any month other than December. (13) FOREIGN. When applied
to a corporation or a subchapter K entity means created or organized under a jurisdiction
other than the State of Alabama. (14) GEOTHERMAL. Any geothermal reservoir in Alabama consisting
of natural heat which is stored in rocks or in an aqueous liquid or...
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11-65-2
Section 11-65-2 Definitions. (a) The following words and phrases used in this chapter, and
others evidently intended as the equivalent thereof, shall, unless the context clearly indicates
otherwise, have the following respective meanings: (1) ALABAMA-BRED. When this term is used
with reference to a horse, it means a horse which is registered in the registry designated
and administered by a commission in accordance with such rules concerning domicile and registration
requirements as may be established by such commission and which is either (i) foaled from
a mare domiciled in the state during the 10-year period beginning with January 1, 1991, or
(ii) sired by an Alabama stallion and foaled from a mare domiciled in the state at any time
after the expiration of such 10-year period. (2) ALABAMA STALLION. A stallion which is standing
in the state at the time he is bred to the dam of an Alabama-bred horse, which is registered
with a commission, and which is owned or leased by a resident of...
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40-2A-7
years from the date the return is filed with the department, whichever is later. This subparagraph
shall not apply to any corporation unless dissolution is completed within 18 months of the
date of the written notice. e. If a taxpayer has made the election provided in subsection
(d) or (e) of Section 40-18-8, a preliminary assessment based on the gain realized as a result
of the involuntary conversion [in the case of subsection (d) of Section 40-18-8] or a rollover
of gain on the sale of a personal residence [as provided in subsection (e) of Section
40-18-8] may be entered within three years from the date the taxpayer notified the department
of the replacement of the property in accordance with subsection (d) or (e) of Section 40-18-8,
as the case may be, or of his or her intention not to replace the property. f. If a taxpayer
has validly elected to have the provisions of subdivision (a) (7) of Section 40-18-6 and subsection
(l) of Section 40-18-8 apply to an acquisition of stock...
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43-2-272
Section 43-2-272 Duty of probate court to grant letters of administration upon vacancy. (a)
If the sole executor or all the executors die, resign or are removed, the probate court having
jurisdiction of the estate must grant letters of administration, with will annexed, to the
person entitled thereto under section 43-2-27. (b) If an administrator dies, resigns or is
removed, the probate court having jurisdiction of the estate must grant letters of administration
of the goods and chattels, rights and credits, unadministered, to the person entitled thereto,
as in cases of intestacy. (Code 1852, §1720; Code 1867, §2043; Code 1876, §2412; Code 1886,
§2064; Code 1896, §111; Code 1907, §2533; Code 1923, §5755; Code 1940, T. 61, §175.)...
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43-2-444
Section 43-2-444 Application for sale. The application for the sale of lands, either for payment
of debts or for division, must be made by the executor or administrator in writing, verified
by affidavit, to the probate court having jurisdiction of the estate, must describe the lands
accurately, must give the names of the heirs or devisees, and their places of residence and
must also state whether any, and which of such heirs or devisees, are under the age of 19
years or of unsound mind; and such application may be contested by any party interested in
the estate. (Code 1852, §§1759, 1868; Code 1867, §§2085, 2222; Code 1876, §§2450, 2453;
Code 1886, §2106; Code 1896, §158; Code 1907, §2622; Code 1923, §5851; Code 1940, T. 61,
§246.)...
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43-2-253
Section 43-2-253 Enforcement of decree or judgment for recovery of property. When such decree
or judgment is for the recovery of real or personal property and the estate has no
executor or administrator, no writ of possession or other writ for the enforcement of such
decree or judgment shall issue thereon until there shall be some person duly authorized under
the laws of this state to receive the possession of such property, and then such writ shall
issue in favor of such person. (Code 1876, §2627; Code 1886, §2286; Code 1896, §355; Code
1907, §2821; Code 1923, §6060; Code 1940, T. 61, §168.)...
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43-2-502
Section 43-2-502 Filing of account, etc. - Generally. In making settlements of an administration,
the executor or administrator must proceed as follows: He must make out an account between
himself and the estate he represents, charging himself with all the assets of the deceased
which have come into his possession, except the lands, and crediting himself with all the
credits he is by law entitled to; which account, verified by his oath, must be filed with
the judge of probate of the court having jurisdiction. With such account he must also file
written evidence in his possession, on which he relies to sustain the credit side of such
account, which may consist of an affidavit or any other legal evidence, in the discretion
of the executor or administrator. He must, at the same time, file a statement, on oath, of
the names of the heirs and legatees of such estate, specifying particularly which are under
the age of 19 years; and, if any of them are persons of unsound mind, it must be...
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10A-2-6.27
Section 10A-2-6.27 Restriction on transfer of shares and other securities. REPEALED IN THE
2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (a) The articles of incorporation, bylaws, an agreement among shareholders,
or an agreement between shareholders and the corporation may impose restrictions on the transfer
or registration of transfer of shares of corporation. A restriction does not affect shares
issued before the restriction was adopted unless the holders of the shares are parties to
the restriction agreement or voted in favor of the restriction. (b) A restriction on the transfer
or registration of transfer of shares is valid and enforceable against the holder or a transferee
of the holder including an executor, administrator, trustee, guardian, conservator or other
fiduciary entrusted with like responsibility for the person or estate of the holder, provided
the restriction is authorized by this section and, as provided by...
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