41-18-1
Section 41-18-1 Text. Article I. Findings and Purposes. (a) The party states find that the
South has a sense of community based on common social, cultural and economic needs and fostered
by a regional tradition. There are vast potentialities for mutual improvement of each state
in the region by cooperative planning for the development, conservation and efficient utilization
of human and natural resources in a geographic area large enough to afford a high degree of
flexibility in identifying and taking maximum advantage of opportunities for healthy and beneficial
growth. The independence of each state and the special needs of subregions are recognized
and are to be safeguarded. Accordingly, the cooperation resulting from this agreement is intended
to assist the states in meeting their own problems by enhancing their abilities to recognize
and analyze regional opportunities and take account of regional influences in planning and
implementing their public policies. (b) The purposes of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-18-1.htm - 24K - Match Info - Similar pages

40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division and
from the computation of the amount of the tax levied, assessed, or payable under this division
the following: (1) The gross proceeds of the sales of lubricating oil and gasoline as defined
in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-4.htm - 34K - Match Info - Similar pages

19-3B-604
Section 19-3B-604 Limitation on action contesting validity of revocable trust; distribution
of trust property. (a) A person may commence a judicial proceeding to contest the validity
of all or part of the terms of a trust that was revocable at the settlor's death within the
earlier of: (1) two years after the settlor's death; or (2) six months after the trustee sent
the person a copy of the trust instrument and a notice informing the person of the trust's
existence, of the trustee's name and address, and of the time allowed for commencing a proceeding.
(b) Upon the death of the settlor of a trust that was revocable at the settlor's death, the
trustee may proceed to distribute the trust property in accordance with the terms of the trust.
The trustee is not subject to liability for doing so unless: (1) the trustee has actual knowledge
of a pending judicial proceeding contesting the validity of all or part of the terms of the
trust; or (2) if, prior to the trustee's actual distribution, a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-604.htm - 1K - Match Info - Similar pages

19-3B-502
Section 19-3B-502 Spendthrift provision. (a) A spendthrift provision is valid only if it restrains
both voluntary and involuntary transfer of a beneficiary's interest. (b) A term of a trust
providing that the interest of a beneficiary is held subject to a "spendthrift trust,"
or words of similar import, is sufficient to restrain both voluntary and involuntary transfer
of the beneficiary's interest. (c) A beneficiary may not transfer an interest in a trust in
violation of a valid spendthrift provision and, except as otherwise provided in this article,
a creditor or assignee of the beneficiary may not reach the interest or a distribution by
the trustee before its receipt by the beneficiary. (Act 2006-216, p. 314, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-502.htm - 1K - Match Info - Similar pages

19-3B-704
Section 19-3B-704 Vacancy in trusteeship; appointment of successor. (a) A vacancy in a trusteeship
occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated
as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is
disqualified or removed; (5) a trustee dies; or (6) a guardian or conservator is appointed
for an individual serving as trustee. (b) If one or more co-trustees remain in office, then
a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if
the trust has no remaining trustee. (c) A vacancy in a trusteeship of a noncharitable trust
that is required to be filled must be filled in the following order of priority: (1) by a
person designated in the terms of the trust to act as successor trustee; (2) by a person appointed
by unanimous agreement of the adult qualified beneficiaries and any entity which is a qualified
beneficiary; or (3) by a person appointed by the court. (d) A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-704.htm - 3K - Match Info - Similar pages

45-8A-22.103
Section 45-8A-22.103 Trustee; pensions and benefits. (a) The retirement board or the person
or entity appointed by the retirement board and named as trustee in any separate trust forming
a part of the plan shall serve as the trustee of the trust (the "trustee"). It may
adopt and enforce necessary rules and regulations to carry out the purposes of the plan and
enable it to properly manage and administer the trust, including employing investment counselors
and agents to invest and manage portions of the trust, as the retirement board may direct.
(b) When the actuary certifies that the necessary funds are available, the retirement board,
in accordance with Section 45-8A-22.101, may increase the benefits provided for retirees by
passing a written board resolution which declares that the monthly benefit paid to each retiree,
surviving spouse, or other beneficiary of the retiree shall be increased by a flat dollar
amount per month, increased by a flat dollar amount per year of active service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.103.htm - 1K - Match Info - Similar pages

12-22-21
Section 12-22-21 Other orders, judgments, or decrees. Appeal from the order, judgment or decree
of the probate court may be taken by the party aggrieved to the circuit court or Supreme Court
in the cases hereinafter specified. Appeals to the Supreme Court shall be governed by the
Alabama Rules of Appellate Procedure, including the time for taking an appeal. Appeal to the
circuit court in such cases shall be within the time hereinafter specified: (1) From the decree,
judgment or order on a contest as to the validity of a will, to be taken within 42 days after
the determination of the contest; (2) From the decree, judgment or order on an application
claiming the right to execute a will or administer an estate, to be taken within 42 days after
the hearing and decision of such application, unless the application was denied because the
applicant was deemed unfit to serve by reason of a conviction of an infamous crime or by reason
of improvidence, intemperance or want of understanding, in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-22-21.htm - 2K - Match Info - Similar pages

19-3A-202
Section 19-3A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary
described in Section 19-3A-201(d) is entitled to receive a portion of the net income equal
to the beneficiary's fractional interest in undistributed principal assets, using inventory
values as of the appropriate distribution dates. (b) In determining a beneficiary's share
of net income, the following rules apply: (1) The beneficiary's fractional interest in the
undistributed principal assets shall be calculated without regard to property specifically
given to the beneficiary and property required to pay pecuniary amounts not in trust. (2)
The beneficiary's fractional interest in the undistributed principal assets shall be calculated
on the basis of the aggregate inventory value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not
distribute all of the collected but undistributed net income to each person as of a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-202.htm - 2K - Match Info - Similar pages

19-3B-503
Section 19-3B-503 Exceptions to spendthrift provision. (a) In this section, "child"
includes any person for whom an order or judgment for child support has been entered in this
or another state. (b) A spendthrift provision is unenforceable against: (1) a beneficiary's
child, spouse, or former spouse who has a judgment or court order against the beneficiary
for support or maintenance; (2) a judgment creditor who has provided services for the protection
of a beneficiary's interest in the trust; and (3) a claim of this state or the United States
to the extent a statute of this state or federal law so provides. (c) A claimant against whom
a spendthrift provision cannot be enforced may obtain from a court an order attaching present
or future distributions to or for the benefit of the beneficiary. The court may limit the
award to such relief as is appropriate under the circumstances. (Act 2006-216, p. 314, §1.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-503.htm - 1K - Match Info - Similar pages

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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-4A-4.htm - 1K - Match Info - Similar pages