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40-15B-3
Section 40-15B-3 Apportionment by will or other dispositive instrument. (a) Except as otherwise
provided in subsection (c), the following rules apply: (1) To the extent that a provision
of a decedent's will expressly and unambiguously directs the apportionment of an estate tax,
the tax must be apportioned accordingly. (2) Any portion of an estate tax not apportioned
pursuant to paragraph (1) must be apportioned in accordance with any provision of a revocable
trust of which the decedent was the settlor which expressly and unambiguously directs the
apportionment of an estate tax. If conflicting apportionment provisions appear in two or more
revocable trust instruments, the provision in the most recently dated instrument prevails.
For purposes of this paragraph: (A) a trust is revocable if it was revocable immediately after
the trust instrument was executed, even if the trust subsequently becomes irrevocable; and
(B) the date of an amendment to a revocable trust instrument is the date of...
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18-1A-215
Section 18-1A-215 Effect of failure to pay judgment. (a) If the plaintiff fails to make full
payment of the judgment, or of the full amount awarded for any separate item or parcel of
property described therein, within the time allowed under Section 18-1A-214, the defendant
may treat the failure to make payment as an abandonment of the condemnation action with respect
to the property for which payment has not been made, and may move to vacate the judgment and
for a dismissal under Section 18-1A-230. (b) In determining questions arising under subsection
(a), the circuit court may make appropriate orders to adjust the rights of the parties, including
orders with respect to the possession and use of the property and the performance of any work
thereon, and may award damages, interest, and costs to the defendant as justice requires.
(Acts 1985, No. 85-548, p. 802, §1206.)...
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35-4A-4
Section 35-4A-4 Reformation. Upon the petition of an interested person, a circuit court shall
reform a disposition in the manner that most closely approximates the transferor's manifested
plan of distribution and is within the 100 years allowed by Section 35-4A-2(a)(2), (b)(2),
or (c)(2) or the 360 years allowed by Section 35-4A-5(9) if: (1) a nonvested property interest
or a power of appointment becomes invalid under Section 35-4A-2 (statutory rule against perpetuities);
(2) a class gift is not but might become invalid under Section 35-4A-2 (statutory rule against
perpetuities) and the time has arrived when the share of any class member is to take effect
in possession or enjoyment; or (3) a nonvested property interest that is not validated by
Section 35-4A-2(a)(1) can vest but not within 100 years after its creation or in the case
of a trust which meets the requirements of Section 35-4A-5(9), 360 years of its creation.
(Act 2011-532, p. 880, §1.)...
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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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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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27-34-49
Section 27-34-49 Consolidation or merger - Effect. Upon the consolidation or merger effective
as provided in Section 27-34-48, all the rights, franchises, and interests of the consolidated
or merged societies in, and to, every species of property, real, personal, or mixed, and things
in action thereunto belonging shall be vested in the society resulting from, or remaining
after, the consolidation or merger without any other instrument; except, that conveyances
of real property may be evidenced by proper deeds, and the title to any real estate, or interest
therein, vested under the laws of this state in any of the societies consolidated or merged
shall not revert, or be in any way impaired, by reason of the consolidation or merger, but
shall vest absolutely in the society resulting from, or remaining after, such consolidation
or merger. (Acts 1971, No. 407, p. 707, §721.)...
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35-4-92
Section 35-4-92 Transfers of standing timber, trees, and cutting rights. Except as may be otherwise
provided by Article 9 of the Uniform Commercial Code, all conveyances, mortgages, and other
instruments executed hereafter for the purpose of transferring standing timber or trees, or
cutting rights with respect thereto, or an interest therein, whether such timber, trees, or
rights shall be real or personal property, shall be recorded in the county in which such timber
and trees are located in the same manner and books and under the same conditions that conveyances
of real property are recorded in such county and with like effect; and no such instrument
need be recorded elsewhere. Unless an instrument effecting such transfer and herein required
to be recorded is so recorded, any such transfer shall be inoperative and void as against
purchasers, mortgagees, and judgment creditors without notice. (Acts 1951, No. 629, p. 1084;
Acts 1965, No. 549, p. 811.)...
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7-9A-403
Section 7-9A-403 Agreement not to assert defenses against assignee. (a) "Value."
In this section, "value" has the meaning provided in Section 7-3-303(a). (b) Agreement
not to assert claim or defense. Except as otherwise provided in this section, an agreement
between an account debtor and an assignor not to assert against an assignee any claim or defense
that the account debtor may have against the assignor is enforceable by an assignee that takes
an assignment: (1) for value; (2) in good faith; (3) without notice of a claim of a property
or possessory right to the property assigned; and (4) without notice of a defense or claim
in recoupment of the type that may be asserted against a person entitled to enforce a negotiable
instrument under Section 7-3-305(a). (c) When subsection (b) not applicable. Subsection (b)
does not apply to defenses of a type that may be asserted against a holder in due course of
a negotiable instrument under Section 7-3-305(b). (d) Omission of required statement...
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27-41-30
Section 27-41-30 Particular investments - Loans, notes, etc., secured by mortgages and leases
on real property. An insurer may invest in loans, notes, bonds, or other evidences of indebtedness
of any person up to the fair value of real property securing said indebtedness, upon compliance
with the following conditions and provisions: (1) The indebtedness must be secured by a first
mortgage lien on real property having a fair value of not less than the principal amount of
the loan, except as provided in subdivision (8) of this section; (2) The indebtedness must
be additionally secured by a lease on said real property, which lease must be assigned and
transferred by the lessor to the lender or to a trustee of the lender under a trust instrument;
(3) The lease so assigned as additional security must be noncancellable and may be terminated
only upon such conditions as are generally provided in commercial leases, such as, for example,
destruction by fire, tornado, or similar hazard or...
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26-1A-211
Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates,
trusts, and other beneficial interests" means a trust, probate estate, guardianship,
conservatorship, escrow, or custodianship or a fund from which the principal is, may become,
or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to estates,
trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt
for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or
obtain money or another thing of value to which the principal is, may become, or claims to
be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit
of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution,...
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