|
19-3A-411
Section 19-3A-411 Minerals, water, and other natural resources. (a) To the extent that a fiduciary
accounts for receipts from an interest in minerals or other natural resources pursuant to
this section, the fiduciary shall allocate them as follows: (1) If received as nominal delay
rental or nominal annual rent on a lease, a receipt shall be allocated to income. (2) If received
from a production payment, a receipt shall be allocated to income if and to the extent that
the agreement creating the production payment provides a factor for interest or its equivalent.
The balance shall be allocated to principal. (3) If an amount received as a royalty payment,
shut-in-well payment, take-or-pay payment, bonus, or a delay rental that is more than nominal,
then ninety percent (90%) shall be allocated to principal and the balance to income. (4) If
an amount is received from a working interest or any other interest not provided for in subdivisions
(1), (2), or (3), then ninety percent (90%) of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-411.htm - 2K - Match Info - Similar pages
19-3B-110
Section 19-3B-110 Others treated as qualified beneficiaries. (a) Whenever notice to qualified
beneficiaries of a trust is required under this chapter, the trustee must also give notice
to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization
expressly designated to receive distributions under the terms of a charitable trust has the
rights of a qualified beneficiary under this chapter if the charitable organization, on the
date of the charitable organization's qualification is being determined: (1) is a distributee
or a permissible distributee of trust income or principal; (2) would be a distributee or permissible
distributee of trust income or principal upon the termination of the interests of other distributees
or permissible distributees then receiving or eligible to receive distributions; or (3) would
be a distributee or permissible distributee of trust income or principal if the trust terminated
on that date. (c) A person appointed to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-110.htm - 1K - Match Info - Similar pages
19-3B-305
Section 19-3B-305 Appointment of representative. (a) If the court determines that an interest
is not represented under this article, or that the otherwise available representation might
be inadequate, then the court may appoint a guardian ad litem or other representative to receive
notice, give consent, and otherwise represent, bind, and act on behalf of a minor, incapacitated,
or unborn individual, or a person whose identity or location is unknown. (b) A guardian ad
litem or other representative may act on behalf of the individual represented with respect
to any matter arising under this chapter, whether or not a judicial proceeding concerning
the trust is pending. (c) In making decisions, a guardian ad litem or other representative
may consider general benefit accruing to the living members of the individual's family. (d)
A guardian ad litem or other representative may be appointed to represent several persons
or interests. (Act 2006-216, p. 314, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-305.htm - 1K - Match Info - Similar pages
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....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-5-1.htm - 1K - Match Info - Similar pages
26-2A-137
Section 26-2A-137 Protective arrangements and single transactions authorized. (a) If it is
established in a proper proceeding that a basis exists for the appointment of a conservator
or protective order as described in Section 26-2A-130, the court, without appointing a conservator,
may authorize, direct, or ratify any transaction necessary or desirable to achieve any security,
service, or care arrangement meeting the foreseeable needs of the protected person. Protective
arrangements include payment, delivery, deposit, or retention of funds or property; sale,
mortgage, lease, or other transfer of property, including, but not limited to the leasing
of oil, gas, and other mineral rights of the protected person; entry into an annuity contract,
a contract for life care, a deposit contract, or a contract for training and education; or
addition to or establishment of a suitable trust. (b) If it is established in a proper proceeding
that a basis exists for the appointment of a conservator or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-2A-137.htm - 2K - Match Info - Similar pages
35-5A-13
Section 35-5A-13 Powers and duties of custodian as to custodial property generally. (a) A custodian
shall: (1) Take control of custodial property; (2) Register or record title to custodial property
if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b)
In dealing with custodial property, a custodian shall observe the standard of care that would
be observed by a prudent person dealing with property of another and is not limited by any
other statute restricting investments by fiduciaries. If a custodian has a special skill or
expertise or is named custodian on the basis of representations of a special skill or expertise,
the custodian shall use that skill or expertise. However, a custodian, in the custodian's
discretion and without liability to the minor or the minor's estate, may retain any custodial
property received from a transferor. (c) A custodian may invest in or pay premiums on life
insurance or endowment policies on (1) the life of the minor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-5A-13.htm - 2K - Match Info - Similar pages
7-4A-105
Section 7-4A-105 Other definitions. (a) In this article: (1) "Authorized account"
means a deposit account of a customer in a bank designated by the customer as a source of
payment of payment orders issued by the customer to the bank. If a customer does not so designate
an account, any account of the customer is an authorized account if payment of a payment order
from that account is not inconsistent with a restriction on the use of that account. (2) "Bank"
means a person engaged in the business of banking and includes a savings bank, savings and
loan association, credit union, and trust company. A branch or separate office of a bank is
a separate bank for purposes of this article. (3) "Customer" means a person, including
a bank, having an account with a bank, or from whom a bank has agreed to receive payment orders.
(4) "Funds-transfer business day" of a receiving bank means the part of a day during
which the receiving bank is open for the receipt, processing, and transmittal of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-105.htm - 3K - Match Info - Similar pages
7-8-107
(a) "Appropriate person" means: (1) with respect to an indorsement, the person specified
by a security certificate or by an effective special indorsement to be entitled to the security;
(2) with respect to an instruction, the registered owner of an uncertificated security; (3)
with respect to an entitlement order, the entitlement holder; (4) if the person designated
in paragraph (1), (2), or (3) is deceased, the designated person's successor taking under
other law or the designated person's personal representative acting for the estate
of the decedent; or (5) if the person designated in paragraph (1), (2), or (3) lacks capacity,
the designated person's guardian, conservator, or other similar representative who has power
under other law to transfer the security or financial asset. (b) An indorsement, instruction,
or entitlement order is effective if: (1) it is made by the appropriate person; (2) it is
made by a person who has power under the law of agency to transfer the security or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-107.htm - 2K - 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
7-5-107
Section 7-5-107 Confirmer, nominated person, and adviser. (a) A confirmer is directly obligated
on a letter of credit and has the rights and obligations of an issuer to the extent of its
confirmation. The confirmer also has rights against and obligations to the issuer as if the
issuer were an applicant and the confirmer had issued the letter of credit at the request
and for the account of the issuer. (b) A nominated person who is not a confirmer is not obligated
to honor or otherwise give value for a presentation. (c) A person requested to advise may
decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor
or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary
accurately to advise the terms of the letter of credit, confirmation, amendment, or advice
received by that person and undertakes to the beneficiary to check the apparent authenticity
of the request to advise. Even if the advice is inaccurate, the letter of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-5-107.htm - 1K - Match Info - Similar pages
|