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35-5A-6
Section 35-5A-6 Transfer by will or trust. (a) A personal representative or trustee may make
an irrevocable transfer pursuant to Section 35-5A-10 to a custodian for the benefit of a minor
as authorized in the governing will or trust. (b) If the testator or settlor has nominated
a custodian under Section 35-5A-4 to receive the custodial property, the transfer must be
made to that person. (c) If the testator or settlor has not nominated a custodian under Section
35-5A-4, or all persons so nominated as custodian dies before the transfer or are unable,
decline, or are ineligible to serve, the personal representative or the trustee, as the case
may be, shall designate the custodian from among those eligible to serve as custodian for
property of that kind under subsection (a) of Section 35-5A-10. (Acts 1986, No. 86-453, p.
819, §5.)...
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35-5A-19
Section 35-5A-19 Renunciation, resignation, death or removal of custodian; designation of successor
custodian. (a) A person nominated under section 35-5A-4 or designated under section 35-5A-10
as custodian may decline to serve by delivering a valid disclaimer to the person who made
the nomination or to the transferor or the transferor's legal representative or by effecting
a valid disclaimer in the manner that interests in property may be disclaimed under the Alabama
Uniform Disclaimer of Property Interests Act. If the event giving rise to a transfer has not
occurred and no substitute custodian able, willing, and eligible to serve was nominated under
section 35-5A-4, the person who made the nomination may nominate a substitute custodian under
section 35-5A-4; otherwise the transferor or the transferor's legal representative shall designate
a substitute custodian at the time of the transfer, in either case from among the persons
eligible to serve as custodian for that kind of property...
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35-5A-12
Section 35-5A-12 Validity of transfer; interest conveyed; rights of custodian and minor as
to property transferred; provisions of chapter incorporated in transfer; transfer does not
authorize settlement or release of claims. (a) The validity of a transfer made in a manner
prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with
section 35-5A-10(c) concerning possession and control; (2) Designation of an ineligible custodian,
except designation of the transferor in the case of property for which the transferor is ineligible
to serve as custodian under section 35-5A-10(a); or (3) Death or incapacity of a person nominated
under section 35-5A-4 or designated under section 35-5A-10 as custodian or the disclaimer
of the office by that person. (b) A transfer made pursuant to section 35-5A-10 is irrevocable,
and conveys to the minor indefeasibly vested title to the custodial property, but the custodian
has the rights, powers, duties, and authority provided in...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of a trustee,
includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating to an individual's
health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later
amended. (3) BENEFICIARY means a person that: (A) has a present or future beneficial interest
in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a
power of appointment over trust property. (4) CHARITABLE TRUST means a trust, or portion of
a trust, created for a charitable purpose described in Section 19-3B-405(a). (5) CONSERVATOR
means a person appointed by the court to administer the estate of a minor or adult individual.
(6) ENVIRONMENTAL LAW means a federal, state, or local law, rule, regulation, or ordinance
relating to protection of the environment. (7) GUARDIAN means a...
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26-2A-136
Section 26-2A-136 Permissible court orders. (a) The court shall exercise the authority conferred
in this division to encourage the development of maximum self-reliance and independence of
a protected person and make protective orders only to the extent necessitated by the protected
person's mental and adaptive limitations and other conditions warranting the procedure. (b)
The court has the following powers that may be exercised directly or through a conservator
in respect to the estate and business affairs of a protected person: (1) While a petition
for appointment of a conservator or other protective order is pending and after preliminary
hearing and without notice, the court may preserve and apply the property of the person to
be protected as may be required for the support of the person or dependents of the person.
(2) After hearing and upon determining that a basis for an appointment or other protective
order exists with respect to a minor without other disability, the court has...
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35-5A-7
Section 35-5A-7 Other transfer by fiduciary. (a) Subject to subsection (c), a personal representative
or trustee may make an irrevocable transfer to another adult or trust company as custodian
for the benefit of a minor pursuant to Section 35-5A-10, in the absence of a will or under
a will or trust that does not contain an authorization to do so. (b) Subject to subsection
(c), a conservator may make an irrevocable transfer to another adult or trust company as custodian
for the benefit of the minor pursuant to Section 35-5A-10. (c) A transfer under subsection
(a) or (b) may be made only if (1) the personal representative, trustee, or conservator considers
the transfer to be in the best interest of the minor, (2) the transfer is not prohibited by
or inconsistent with provisions of the applicable will, trust agreement, or other governing
instrument, and (3) transfers to a custodian for the benefit of a minor do not exceed $10,000
in aggregated value. (Acts 1986, No. 86-453, p. 819, §6.)...
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35-5A-8
Section 35-5A-8 Transfer by obligor. (a) Subject to subsections (b) and (c), a person not subject
to Section 35-5A-6 or 35-5A-7 who holds property of or owes a liquidated debt to a minor not
having a conservator may make an irrevocable transfer to a custodian for the benefit of the
minor pursuant to Section 35-5A-10. (b) If a person having the right to do so under Section
35-5A-4 has nominated a custodian under that section to receive the custodial property, the
transfer must be made to that person. (c) If no custodian has been nominated under Section
35-5A-4, or all persons so nominated as custodian die before the transfer or are unable, decline,
or are ineligible to serve, a transfer under this section may be made to an adult member of
the minor's family or to a trust company unless the property exceeds fifty thousand dollars
($50,000) in value. (Acts 1986, No. 86-453, p. 819, §7; Act 2013-250, p. 624, §1.)...
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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
35-5A-4
Section 35-5A-4 Nomination of custodian. (a) A person having the right to designate the recipient
of property transferable upon the occurrence of a future event may revocably nominate a custodian
to receive the property for a minor beneficiary upon the occurrence of the event by naming
the custodian followed in substance by the words: "as custodian for ___ (name of minor)
under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more
persons as substitute custodians to whom the property must be transferred, in the order named,
if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible
to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising
a power of appointment, or in a writing designating a beneficiary of contractual rights which
is registered with or delivered to the payor, issuer, or other obligor of the contractual
rights. (b) A custodian nominated under this section must be a...
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