|
11-92A-16
Section 11-92A-16 Use of bonds, proceeds, etc. (a) The proceeds from the sale of any bonds
shall be applied as provided in the proceedings in which the bonds are authorized to be issued,
including without limitation, the payment of all legal, fiscal, and recording fees and expenses
incurred in connection with the authorization, sale, and issuance of the bonds and, if so
provided in the proceedings authorizing their issuance, interest on said bonds (or if only
a part of any issue of bonds is issued for acquisition purposes, interest on that portion
of the bonds of that issue that is issued to pay acquisition costs) for a reasonable period
prior to and during the time required for the acquisition, construction, and equipping of
the project. An authority may provide in the proceedings authorizing the issuance of bonds
for the funding of a debt service reserve and/or a replacement and extension reserve from
the proceeds of its bonds. (b) All contracts made by an authority and all bonds...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92A-16.htm - 3K - Match Info - Similar pages
19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section if
all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-106.htm - 13K - Match Info - Similar pages
19-3B-813
liabilities, receipts, and disbursements, including the source and amount of the trustee's
compensation, a listing of the trust assets and, if feasible, their respective market values,
and, upon termination of the trust, a final report commencing with the date of the most recent
annual report through the last transaction of the trust. Upon a vacancy in a trusteeship,
unless a co-trustee remains in office, a report must be sent to the qualified beneficiaries
by the former trustee. A personal representative, conservator, or guardian may send
the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee. (d)
A beneficiary may waive the right to a trustee's report or other information otherwise required
to be furnished under this section. A beneficiary, with respect to future reports and other
information, may withdraw a waiver previously given. (e) Subsection (b)(2) and subsection
(b)(3) shall apply only to trustees who accept a trusteeship on or after...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-813.htm - 3K - Match Info - Similar pages
27-17A-31
Section 27-17A-31 Deposits into trust; trustee responsibilities; interests in funds. (a) Any
person who is paid, collects, or receives funds under a preneed contract for funeral services
or funeral merchandise to be funded by trust shall deposit in trust an amount at least equal
to the sum of 75 percent of the amount collected on the purchase price for all funeral services
and funeral merchandise sold, transportation, and facilities rented other than outer burial
containers, 60 percent of the amount collected on the purchase price for outer burial containers,
110 percent of the wholesale cost of memorials from the amount collected on the purchase price
of memorials, and 100 percent of the amount collected on the purchase price for all cash advance
items sold. (b) All deposits shall be made within 30 days after the end of the calendar month
in which the preneed contract is paid in full, unless, prior to that time, all liabilities
of the seller under the preneed contract to deliver the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-31.htm - 4K - Match Info - Similar pages
40-18-29
Section 40-18-29 Fiduciary returns. (a) Every fiduciary, except receivers appointed by authority
of law in possession of part only of the property of a taxpayer, shall make a return for the
taxpayer for whom he acts, first, if the net income of such taxpayer is $1,500 or over, if
single or if married and not living with husband or wife, or $3,000 or over, if married and
living with husband or wife, or second, if the net income of such taxpayer, if an estate or
trust, is $1,500 or over, or if any beneficiary is a taxpayer other than a resident of the
state, which returns shall state specifically the items of the gross income and the deductions,
exemptions and credits allowed by this chapter under such regulations as the Department of
Revenue may prescribe, a return made by one or two or more joint fiduciaries and filed in
the office of the Department of Revenue shall be a sufficient compliance with the above requirement.
The fiduciary shall certify that he has sufficient knowledge of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-29.htm - 2K - Match Info - Similar pages
5-24-1
depositor and a financial institution, and includes a checking account, savings account, time
deposit, certificate of deposit, and share account. (2) AGENT means a person authorized to
make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION
means an organization authorized to do business under state or federal laws relating to financial
institutions, and includes a bank, trust company, savings bank, building and loan association,
savings and loan company or association, and credit union. (6) HEIRS means those persons,
including surviving spouse, who are entitled under the statutes of intestate succession to
the property of a decedent. (7) INCLUDES or INCLUDING means includes, but not limited...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
5-5A-42
Section 5-5A-42 Adverse claims to deposits. Notice to any bank of an adverse claim to a deposit
standing on its books to the credit of any person shall not be effectual to cause said bank
to recognize said adverse claimant unless said adverse claimant shall also either procure
a restraining order, injunction or other appropriate process against said bank from a court
of competent jurisdiction in a civil action therein instituted by such claimant wherein the
person to whose credit the deposit stands is made a party and served with summons or shall
execute to said bank in form and with sureties acceptable to it, a bond indemnifying said
bank from any and all liability, loss, damage, costs and expenses for and on account of the
payment or recognition of such adverse claim or the dishonor of or failure to pay the check
or failure to comply with other order of the person to whose credit the deposit stands on
the books of said bank; provided, that this section shall not apply in any instance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-42.htm - 1K - Match Info - Similar pages
7-8-304
Section 7-8-304 Indorsement. (a) An indorsement may be in blank or special. An indorsement
in blank includes an indorsement to bearer. A special indorsement specifies to whom a security
is to be transferred or who has power to transfer it. A holder may convert a blank indorsement
to a special indorsement. (b) An indorsement purporting to be only of part of a security certificate
representing units intended by the issuer to be separately transferable is effective to the
extent of the indorsement. (c) An indorsement, whether special or in blank, does not constitute
a transfer until delivery of the certificate on which it appears or, if the indorsement is
on a separate document, until delivery of both the document and the certificate. (d) If a
security certificate in registered form has been delivered to a purchaser without a necessary
indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied.
However, against a transferor, a transfer is complete...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-304.htm - 1K - Match Info - Similar pages
11-54-131
Section 11-54-131 Investment of moneys; duties of fund manager. (a) Moneys held in and forming
a part of an endowment trust fund, including, without limitation, proceeds of investments
held in and forming a part of the fund, shall, to the extent practicable and feasible, be
kept fully and continuously invested, pending their distribution and expenditure for the purposes
authorized by this division, in any of the following: (1) Interest-bearing bank time deposits
and interest-bearing bank certificates of deposit. (2) Debt securities that are direct general
obligations of the United States of America or any agency thereof, and debt securities of
any state or local government. (3) Other debt securities, common and preferred stocks, shares
of investment companies or mutual funds, or other like investments. (b) All of the above as
may be authorized in the trust agreement under which such fund has been established, and all
with the care, skill, prudence, and diligence under the circumstances...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54-131.htm - 3K - Match Info - Similar pages
35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - Match Info - Similar pages
|