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26-2A-150
Section 26-2A-150 Sale, encumbrance, or transaction involving conflict of interest; voidable;
exceptions. Any sale or encumbrance to or purchase from a conservator, the spouse, agent,
attorney of a conservator, any person related to the conservator by blood or marriage within
the fourth degree, or any corporation, trust, or other organization in which the conservator
has a substantial beneficial interest, or any other transaction involving the estate being
administered by the conservator which is affected by a substantial conflict between fiduciary
and personal interests is voidable unless the transaction is approved by the court
after notice as directed by the court. (Acts 1987, No. 87-590, p. 975, §2-321.)...
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43-8-1
the parent whose relationship is involved and excludes any person who is only a stepchild,
a foster child, a grandchild or any more remote descendant. (3) COURT. The court having jurisdiction
in matters relating to the affairs of decedents. This court in Alabama is known as the probate
court. (4) DAYS. That period of time as computed in accordance with section 1-1-4 and Rule
6(a), Alabama Rules of Civil Procedure. (5) DEVISE. When used as a noun, means a testamentary
disposition of real or personal property and when used as a verb, means to dispose
of real or personal property by will. (6) DEVISEE. Any person designated in a will
to receive a devise. In the case of a devise to an existing trust or trustee, or to a trustee
or trust described by will, the trust or trustee is the devisee and the beneficiaries are
not devisees. (7) DISTRIBUTEE. Any person who has received property of a decedent from his
personal representative other than as creditor or purchaser. A testamentary trustee
is...
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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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22-21-260
Section 22-21-260 Definitions. As used in this article, the following words and terms, and
the plurals thereof, shall have the meanings ascribed to them in this section, unless otherwise
required by their respective context: (1) ACQUISITION. Obtaining the legal equitable title
to a freehold or leasehold estate or otherwise obtaining the substantial benefit of such titles
or estates, whether by purchase, lease, loan or suffrage, gift, devise, legacy, settlement
of a trust or means whatever, and shall include any act of acquisition. The term "acquisition"
shall not mean or include any conveyance, or creation of any lien or security interest by
mortgage, deed of trust, security agreement, or similar financing instrument, nor shall it
mean or include any transfer of title or rights as a result of the foreclosure, or conveyance
or transfer in lieu of the foreclosure, of any such mortgage, deed of trust, security agreement,
or similar financing instrument, nor shall it mean or include any...
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38-14-1
Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY
MEMBER. A person whose household income is equal to or less than 80 percent of the median
household income for the state or less than 200 percent of the federal poverty guidelines,
whichever is greater. (3) EMERGENCY. Payments for necessary medical expenses of the account
owner or family member, expenses to avoid the eviction of the account owner from the account
owner's primary residence, and for necessary living expenses following a loss of income (4)
FIDUCIARY ORGANIZATION. Any nonprofit, fund-raising organization that is exempt from taxation
under Section 501(c)(3) of the Internal Revenue Code, as amended; any certified community
development financial institution; any credit union chartered under federal or state law;
or any Indian tribe as defined in Section 4(12) of the Native American...
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8-6-91
Section 8-6-91 Definitions. In this article, unless the context otherwise requires, the following
terms shall have the meanings ascribed to them by this section: (1) BANK. A bank, trust company,
national banking association, savings bank, or industrial bank. (2) BROKER. A person, including
a bank, lawfully engaged in the business of effecting transactions in securities for the account
of others and includes a broker lawfully engaged in buying and selling securities for his
own account. (3) ISSUER. A person who places, or authorizes the placing of, his name on a
security other than as a transfer agent to evidence that it represents a share, participation,
or other interest in his property or in an enterprise or to evidence his duty to perform an
obligation evidenced by the security or who becomes responsible for or in place of any such
person. (4) PERSON. Such term includes a corporation, government or governmental subdivision
or agency, business trust, estate, trust, partnership or...
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10A-5A-1.02
Section 10A-5A-1.02 Definitions. Notwithstanding Section 10A-1-1.03, as used in this chapter,
unless the context otherwise requires, the following terms mean: (a) "Certificate of
formation," with respect to a limited liability company, means the certificate provided
for by Section 10A-5A-2.01, and the certificate as amended or restated. (b) "Constituent
limited liability company" means a constituent organization that is a limited liability
company. (c) "Constituent organization" means an organization that is party to a
merger under Article 10. (d) "Converted organization" means the organization into
which a converting organization converts pursuant to Article 10. (e) "Converting limited
liability company" means a converting organization that is a limited liability company.
(f) "Converting organization" means an organization that converts into another organization
pursuant to Article 10. (g) "Disqualified person" means any person who is not a
qualified person. (h) "Distribution" except...
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26-1A-217
exclusion limit; and (2) consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C.
Section 2513, as amended, to the splitting of a gift made by the principal's spouse in an
amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
(c) An agent may make a gift of the principal's property only as the agent determines is consistent
with the principal's objectives if actually known by the agent and, if unknown, as the agent
determines is consistent with the principal's best interest based on all relevant factors,
including: (1) the value and nature of the principal's property; (2) the principal's foreseeable
obligations and need for maintenance; (3) minimization of taxes, including income, estate,
inheritance, generation skipping transfer, and gift taxes; (4) eligibility for a benefit,
a program, or assistance under a statute or regulation; and (5) the principal's personal
history of making or joining in making gifts. (Act 2011-683, p. 2015, §1.)...
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26-2A-20
after the appointment of a conservator, including expenses of administration. (2) CONSERVATOR.
A person who is appointed by a court to manage the estate of a protected person and includes
a limited conservator described in Section 26-2A-148(a). (3) COURT. A probate court of this
state. (4) COURT REPRESENTATIVE. A person appointed in a guardianship or protective proceeding
who is trained in law, nursing, or social work, is an officer, employee, or special appointee
of the court, and has no personal interest in the proceeding. (5) DISABILITY. Cause
for a protective order as described in Section 26-2A-130. (6) ESTATE. Includes the property
of the person whose affairs are subject to this chapter. (7) GUARDIAN. A person who has qualified
as a guardian of a minor or incapacitated person pursuant to parental or spousal nomination
or court appointment and includes a limited guardian as described in Sections 26-2A-78(e)
and 26-2A-105(c), but excludes one who is merely a guardian ad litem. (8)...
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19-4-2
Section 19-4-2 Deposit of securities authorized; merger, etc., of certificates representing
securities; transfer of ownership, etc., of securities; maintenance of records by fiduciary;
rules and regulations governing banks acting as fiduciaries; certification by fiduciary of
securities deposited. (a) Notwithstanding any other provision of law to the contrary, any
fiduciary holding securities in a fiduciary capacity is authorized, in the absence of specific
provision to the contrary in the governing instrument or court order under which the fiduciary
is acting, to deposit or arrange for the deposit of such securities in a clearing corporation.
(b) When such securities are so deposited, certificates representing securities of the same
class of the same issuer may be merged and held in bulk in the name of the nominee of such
clearing corporation with any other such securities deposited in such clearing corporation
by any person regardless of the ownership of securities and certificates of...
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