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19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in the interests
of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee
as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the
investment or management of trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict between the trustee's fiduciary
and personal interests is voidable by a beneficiary affected by the transaction unless: (1)
the transaction was authorized by the terms of the trust; (2) the transaction was approved
by the court; (3) the beneficiary did not commence a judicial proceeding within the time allowed
by Section 19-3B-1005; (4) the beneficiary consented to the trustee's conduct, ratified the
transaction, or released the trustee in compliance with Section 19-3B-1009; or (5) the transaction
involves a contract entered into or claim acquired by...
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19-3D-13
Section 19-3D-13 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST FOR BENEFICIARY
WITH DISABILITY. (a) In this section the following terms have the following meanings: (1)
BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized fiduciary
believes may qualify for governmental benefits based on disability, whether or not the beneficiary
currently receives those benefits or is an individual who has been adjudicated incompetent
or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a state, federal,
or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust that has a beneficiary
with a disability: (A) a trustee or other fiduciary, other than a settlor, that has discretion
to distribute part or all of the principal of a first trust to one or more current beneficiaries;
(B) if no trustee or fiduciary has discretion under...
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19-1-2
Section 19-1-2 Definitions. In this chapter, unless the context or subject matter otherwise
requires, the following terms shall have the meanings respectively ascribed to them by this
section: (1) BANK. Any person or association of persons, whether incorporated or not, carrying
on the business of banking or trust company. (2) FIDUCIARY. A trustee under any trust, expressed,
implied, resulting or constructive, executor, administrator, guardian, conservator, curator,
receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer
of a corporation, public or private, public officer or any other person acting in a fiduciary
capacity for any person, trust or estate. (3) PERSON. Such term includes a corporation, partnership,
or other association, or two or more persons having a joint or common interest. (4) PRINCIPAL.
Any person to whom a fiduciary as such owes an obligation. (Acts 1943, No. 557, p. 544, §1.)...
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19-5-6
Section 19-5-6 Division of qualified terminable interest property trust into separate share
trusts to effectuate allocation of grantor's, decedent's, or surviving spouse's GST exemption;
payment of estate taxes. When a grantor or decedent transfers property into a trust for which
an election is made or to be made pursuant to Section 2056(b)(7) or 2523(f) of the Internal
Revenue Code to treat such property as qualified terminable interest property (the "QTIP
trust"), and when a grantor or fiduciary makes an election pursuant to Section 2652(a)(3)
of the Internal Revenue Code to have the grantor or decedent creating such QTIP trust deemed
to be the transferor of a portion, but not all, of such QTIP trust for GST purposes, and when
a grantor or fiduciary makes an allocation pursuant to Section 2631 of the Internal Revenue
Code of any portion of such grantor's or decedent's GST exemption to such portion of the QTIP
trust for which a Section 2652(a)(3) election is made or to be made, or to...
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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-813
Section 19-3B-813 Duty to inform and report. (a) Except as otherwise provided in Section 19-3B-603,
the following rules apply: (1) A trustee shall keep the current permissible distributees of
income or principal of the trust reasonably informed about the administration of the trust
and of the material facts necessary for them to protect their interests. (2) Unless unreasonable
under the circumstances, a trustee shall promptly respond to a qualified beneficiary's request
for information related to the administration of the trust. (b) A trustee: (1) upon request
of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries
of the acceptance and of the trustee's name, address, and telephone number; (3) within 60
days after accepting the trusteeship of an irrevocable trust, or the date the trustee acquires
knowledge that a formerly revocable trust has become irrevocable,...
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26-9-2
Section 26-9-2 Definitions. When used in this chapter, the following words and phrases shall
have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) PERSON. A partnership, corporation, or an association. (2) ADMINISTRATION. The United
States Veterans' Administration or its successor. (3) ESTATE and INCOME. Such terms include
only moneys received by the guardian from the Veterans' Administration and all earnings, interest,
and profits derived therefrom. (4) BENEFITS. All moneys payable by the United States through
the Veterans' Administration. (5) ADMINISTRATOR. The Administrator of Veterans' Affairs of
the United States Veterans' Administration. (6) WARD. A beneficiary of the administration.
(7) GUARDIAN. Any person acting as a fiduciary for a ward and includes a conservator appointed
under Alabama Uniform Guardianship and Protective Proceedings Act. (Acts 1931, No. 240, p.
280; Code 1940, T. 21, §160; Acts 1987, No. 87-590, p. 975, §2-333(b).)...
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16-33C-10
Section 16-33C-10 ACES Program generally. (a) The ACES Program is established as one college
savings alternative under the plan whereby contributors open ACES savings accounts according
to savings agreements for the payment of qualified higher education costs for a designated
beneficiary at eligible educational institutions, terms as defined in Section 529 of the Internal
Revenue Code of 1986, as amended, or other applicable federal law. The ACES Program includes
the ACES Trust Fund, the ACES Administrative Fund, and the ACES Opportunity Enhancement Fund
created pursuant to this chapter. The ACES Program may be marketed under a different name
than ACES. (b) The ACES Trust Fund is hereby created and shall be comprised of separate ACES
savings accounts held in segregated accounts as established by savings agreements. Funds contributed
to the ACES savings accounts established pursuant to the ACES Program are held in trust by
the Savings Board for the sole benefit of the contributor and...
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19-3B-205
Section 19-3B-205 Judicial accountings and settlements. (a) A trustee may file an accounting
of the trustee's administration of a trust in court at any time and seek a partial or final
settlement thereof or, upon petition of an interested party, a court may order a trustee to
render an accounting of the trustee's administration of a trust and require a partial or final
settlement thereof. Notice of such judicial proceeding shall be provided to the trustee and
each beneficiary, or representative thereof pursuant to Article 3, as provided by the applicable
rules of civil procedure. (b) A trust accounting must be a reasonably understandable report
from the date of the last accounting or, if none, from the date upon which the trustee became
accountable, or other such date the court may set, which provides reasonable detail of the
transactions affecting the administration of the trust, and which adequately discloses the
following information: (1) The accounting must identify the trust, the...
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40-15B-2
Section 40-15B-2 Definitions. In this chapter: (1) "Apportionable estate" means the
value of the gross estate as finally determined for purposes of the estate tax to be apportioned
reduced by: (A) any claim or expense allowable as a deduction for purposes of the tax; (B)
the value of any interest in property that, for purposes of the tax, qualifies for a marital
or charitable deduction or otherwise is deductible or is exempt; and (C) any amount added
to the decedent's gross estate because of a gift tax on transfers made before death. (2) "Estate
tax" means a federal, state, or foreign tax imposed because of the death of an individual
and interest and penalties associated with the tax. The term does not include an inheritance
tax, income tax, or generation-skipping transfer tax other than a generation-skipping transfer
tax incurred on a direct skip taking effect at death. (3) "Gross estate" means,
with respect to an estate tax, all interests in property subject to the tax. (4) "Person"...
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