5-17-15
Section 5-17-15 Deposits for minor or trust beneficiaries; deposits in names of two persons. (a) A minor, in his or her own name, may make a general or special deposit in any credit union. The deposit shall be paid only to the minor, or upon his or her order, and not to the parents or guardians of the minor, and the payment shall be valid as against the minor child and his or her parents or guardian. (b) Shares may be issued and withdrawn and deposits received and paid out in the name of a minor or in trust in such manner as the bylaws may provide. The name of the beneficiary must be disclosed to the credit union. If no other notice of the existence and terms of such trust has been given in writing to the corporation, such shares or deposits may, upon the death of the trustee, be transferred to or withdrawn by the person who was named by the trustee as the beneficiary or by his or her legal representative, and such transfer or withdrawal shall release the corporation from liability to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-15.htm - 3K - Match Info - Similar pages
19-3A-401
Section 19-3A-401 Character of receipts. (a) For purposes of this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a fiduciary has an interest other than (1) a trust or decedent's estate to which Section 19-3A-402 applies, (2) a business or activity to which Section 19-3A-403 applies, or (3) an asset-backed security to which Section 19-3A-415 applies. (b) Except as otherwise provided in this section, a fiduciary shall allocate to income money received from an entity. (c) A fiduciary shall allocate the following receipts from an entity to principal: (1) Property other than money except in cases when the fiduciary has the choice to receive dividends or similar payments either in cash or in the shares or similar ownership interests of the corporation or other business entity, in which case, the fiduciary shall allocate the receipts to income; (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-401.htm - 2K - Match Info - Similar pages
19-3B-108
Section 19-3B-108 Principal place of administration. (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or (2) all or part of the administration occurs in the designated jurisdiction. (b) A trustee shall administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries; provided, however, a trustee shall not be required to transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States. (c) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-108.htm - 4K - Match Info - Similar pages
40-18-25
as defined in Section 40-18-160, shall be treated as a separate trust. The net income of the separate trust shall be computed including only the items taken into account under Section 40-18-162, gain or loss from the disposition of stock of an Alabama S corporation, and federal income taxes and administrative expenses allocable to the income items treated under this subdivision. The net income shall be taxed at the rate of five percent. The separate trust shall not be allowed any personal exemption. (2) No item of income or loss shall be apportioned to any beneficiary of the trust from the separate trust described in subdivision (1). (3) The income taxation of the remainder of the trust that does not own the stock of any Alabama S corporation and its beneficiaries shall be determined under subsections (a) and (b) without regard to the income, gain, deductions, loss, or credits of the separate trust owning stock in one or more Alabama S corporations. (e) In the case of a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-25.htm - 6K - Match Info - Similar pages
45-27A-60
Section 45-27A-60 Town of Pollard Trust Account. (a)(1) There is hereby established a trust account for the Town of Pollard, Alabama, for the exclusive benefit of the Town of Pollard and its citizens. The name of the trust fund shall be the Town of Pollard Trust Account. (2) In order to preserve for future generations the Town of Pollard Trust Account and to ensure water service, garbage pickup, grass mowing, and general maintenance of public property, expenditures from the income of the trust are authorized only for the following uses: a. Maintenance and replacement of water system equipment and property. b. The payment of utility charges incurred by the town. c. Purchase and maintenance of insurance for the water system, other town property, and bonding fees required by law for the mayor, the town clerk, and any other person authorized to sign checks for the Town of Pollard. d. Repair and replacement of town equipment. e. Employment of two permanent employees to perform garbage...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-27A-60.htm - 7K - Match Info - Similar pages
10A-5A-6.02
property, but this subsection (g) shall not apply to a person who is the sole remaining member of a limited liability company; (h) in the case of a person that is a trust or is acting as a member by virtue of being a trustee of a trust, the trust's entire transferable interest in the limited liability company is distributed, but not solely by reason of the substitution of a successor trustee; (i) in the case of a person that is an estate or is acting as a member by virtue of being a personal representative of an estate, the estate's entire transferable interest in the limited liability company is distributed, but not solely by reason of the substitution of a successor personal representative; (j) in the case of a member that is not an individual, the legal existence of the person otherwise terminates; (k) the transfer of a member's entire remaining transferable interest to another member; or (l) the transfer of a member's entire remaining transferable interest to a transferee...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-6.02.htm - 4K - Match Info - Similar pages
10A-8A-6.01
or acquiesces to the appointment of a trustee, receiver, or liquidator of the person or of all or substantially all of the person's property; (8) in the case of a person that is a trust or is acting as a partner by virtue of being a trustee of a trust, the trust's entire transferable interest in the partnership is distributed, but not solely by reason of the substitution of a successor trustee; (9) in the case of a person that is an estate or is acting as a partner by virtue of being a personal representative of an estate, the estate's entire transferable interest in the partnership is distributed, but not solely by reason of the substitution of a successor personal representative; (10) in the case of a person that is not an individual, the legal existence of the person otherwise terminates; (11) the transfer of a partner's entire remaining transferable interest to another partner; (12) the transfer of a partner's entire remaining transferable interest to a transferee upon the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-6.01.htm - 4K - Match Info - Similar pages
10A-9A-6.03
appointment of a trustee, receiver, or liquidator of the person or of all or substantially all of the person's property; (8) in the case of a person that is a trust or is acting as a general partner by virtue of being a trustee of a trust, the trust's entire transferable interest in the limited partnership is distributed, but not merely by reason of the substitution of a successor trustee; (9) in the case of a person that is an estate or is acting as a general partner by virtue of being a personal representative of an estate, the estate's entire transferable interest in the limited partnership is distributed, but not merely by reason of the substitution of a successor personal representative; (10) in the case of a general partner that is not an individual, the legal existence of the person otherwise terminates; (11) the transfer of a general partner's entire remaining transferable interest to another partner; (12) the transfer of a general partner's entire remaining transferable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-9A-6.03.htm - 4K - Match Info - Similar pages
19-4-41
Section 19-4-41 Deposit of treasury securities in federal reserve banks authorized; transfer of ownership, etc., of securities; maintenance of records as to fiduciary accounts; rules and regulations governing banks; certification of securities deposited for fiduciary accounts. (a) Notwithstanding any other provision of law to the contrary, any bank holding treasury securities as a fiduciary, as a cofiduciary or as a custodian or agent for another fiduciary or fiduciaries is authorized, in the absence of specific provision to the contrary in the governing instrument or court order under which the bank is acting, to deposit or arrange for the deposit with the federal reserve bank in its district of such treasury securities to be credited to one or more accounts on the books of said federal reserve bank in the name of such bank to be designated trust or other accounts in accordance with rules and regulations of the federal reserve bank, to which similar treasury securities deposited by...
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26-2A-144
Section 26-2A-144 Petitions for orders subsequent to appointment. (a) Any person interested in the welfare of a person for whom a conservator has been appointed, any person interested in the proper administration of the estate, or the court on its own motion, may file a petition in the appointing court or the court to which the conservatorship has been transferred for an order: (1) Requiring bond or collateral or additional bond or collateral, or reducing bond; (2) Requiring an accounting for the administration of the trust; (3) Directing distribution; (4) Removing the conservator and appointing a temporary or successor conservator; or (5) Granting other appropriate relief. (b) A conservator may petition the appointing court or the court to which the conservatorship has been transferred for instructions concerning fiduciary responsibility. (c) Upon notice and hearing, the court may give appropriate instructions or make any appropriate order. (d) If, on the hearing, it should appear...
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