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43-2-691
Section 43-2-691 Definitions. For the purposes of this division, the following words and phrases
shall have the meanings respectively ascribed to them by this section: (1) DEVISEES. The persons
who are entitled to the personal property of a decedent under the terms of a testamentary
disposition. (2) DISTRIBUTEES. The persons who are entitled to the personal property of a
decedent under the terms of a testamentary disposition or under the Alabama descent and distribution
statutes. (3) ESTATE. All the personal property of a decedent who owns no real property at
the time of his or her death for which title does not pass by operation of law. (4) HEIRS.
The persons who are entitled to the personal property of a decedent under the Alabama descent
and distribution statutes. (5) PERSON. The term includes natural persons and corporations.
(6) PERSONAL REPRESENTATIVE. The term includes an executor, administrator, administrator with
the will annexed, and special administrator. (Acts 1975, 3rd Ex....
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40-15-7
Section 40-15-7 Nonresident decedents. (a) Except as herein otherwise provided, all of the
provisions of this chapter shall be applicable to so much of the estates of nonresident decedents
as is subject to estate tax under the act of Congress in effect at the time of the death of
decedent as consists of real estate or tangible personal property located within this state
or other items of property or interest therein lawfully subject to the imposition of an estate
tax by the State of Alabama. (b) In assessing the tax upon any real estate or tangible property
located within this state belonging to the estate of a nonresident decedent, which shall pass
by will, devise or by the laws of intestacy, the Department of Revenue shall determine the
tax due to be such proportion of the federal estate tax as would be leviable upon an estate
of similar taxable net value, less that proportion of any exemption to which the estate is
entitled, which the actual value of the real estate and tangible...
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19-3B-903
Section 19-3B-903 Diversification. (a) A trustee shall diversify the investments of the trust
unless the trustee reasonably determines that, because of special circumstances, the purposes
of the trust are better served without diversifying. (b) In the absence of an express provision
to the contrary in the terms of the trust, a trustee without liability, may continue to hold
property received into the trust at its inception or subsequently added to it or acquired
pursuant to proper authority if and so long as the trustee, in the exercise of good faith
and of reasonable prudence, considers the retention to be in the best interest of the trust
or in furtherance of the purposes of the trust. The property shall include any successor-in-interest
to the original property. The property may also include, among other things, stock in the
trustee if a corporation and stock in any corporation controlling, controlled by, or under
common control with the trustee. (Act 2006-216, p. 314, §1.)...
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19-2-1
Section 19-2-1 Definitions. (a) When used in this chapter, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) WAR SERVICE. Such term shall include the following, during the period that the United
States shall be engaged in war with any foreign nation: a. Active membership in the military,
naval or air forces of the United States or any of its allies. b. Acceptance for membership
in the military, naval or air forces of the United States or any of its allies and awaiting
induction into that service. c. Participation in any work abroad in connection with a governmental
agency of the United States, with the American Red Cross, or with any other similar service.
d. Internment in any enemy country, or absence from the United States and inability to return.
e. Any service at home or abroad arising out of or in connection with the war, which in the
opinion of the court prevents the fiduciary from giving the...
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19-5-1
Section 19-5-1 Definitions. For purposes of this chapter unless the context otherwise requires,
the following terms mean: (1) FIDUCIARY. Includes a personal representative or trustee. (2)
PERSONAL REPRESENTATIVE. An executor, administrator, special administrator, or a person who
performs substantially the same function under the law governing the person's status, and
a successor to any of the above. (3) TRUST. Any express trust, with additions thereto, wherever
and however created, or any separate share of a trust, and includes any arrangement, other
than an estate, which, although not a trust, has substantially the same effect as a trust.
(4) TRUSTEE. An original, additional, or successor trustee, whether or not appointed or confirmed
by a court, and, in the case of an arrangement which is not a trust but which is treated as
a trust for purposes of the GST, includes the person in actual or constructive possession
of the property subject to such arrangement. (5) INTERNAL REVENUE CODE....
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45-9-243.40
Section 45-9-243.40 Privilege or license tax. (a) The following words, terms, and phrases,
when used in this section, shall have the meanings ascribed to them in this subsection, except
where the context clearly indicates a different meaning: (1) PERSON. Any natural person, firm,
partnership, association, corporation, receiver, trust, estate, or other entity, or any other
group or combination of any thereof acting as a unit. (2) COUNTY. Chambers County, Alabama.
(3) BUSINESS. All activities engaged in, or caused to be engaged in, by any person with the
object of gain, profit, benefit, or advantage, either direct or indirect to such person. (4)
GROSS PROCEEDS. The value proceeding or accruing from the leasing or rental of tangible personal
property, without any deduction on account of the cost of the property so leased or rented,
the cost of materials used, labor, or service cost, interest paid or any other expenses whatsoever,
and without any deduction on account of loss and shall also...
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19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of a trustee,
includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating to an individual's
health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later
amended. (3) BENEFICIARY means a person that: (A) has a present or future beneficial interest
in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a
power of appointment over trust property. (4) CHARITABLE TRUST means a trust, or portion of
a trust, created for a charitable purpose described in Section 19-3B-405(a). (5) CONSERVATOR
means a person appointed by the court to administer the estate of a minor or adult individual.
(6) ENVIRONMENTAL LAW means a federal, state, or local law, rule, regulation, or ordinance
relating to protection of the environment. (7) GUARDIAN means a...
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43-6-2
Section 43-6-2 Notice by representative. The personal representative of any person leaving
property not devised or bequeathed, or where the devisees or legatees are incapable of taking
and such representative is unable to ascertain any lawful heirs or distributees or persons
capable of taking within six months after the grant of letters testamentary or of administration,
must give notice thereof in some newspaper published in the state once a week for three successive
weeks; but it shall not be necessary for any personal representative to institute escheat
proceedings under this chapter until the debts of the decedent have been paid. (Code 1852,
§2065; Code 1867, §2457; Code 1876, §2852; Code 1886, §1937; Code 1896, §1753; Code 1907,
§3919; Code 1923, §7615; Code 1940, T. 16, §26.)...
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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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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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