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11-104-3
Section 11-104-3 Establishment of trust or participation in multiple-employer trust; management
and control; taxation; validity; termination. (a) A governmental entity may adopt an ordinance,
bylaw, or resolution allowing for the establishment of a trust, or for the establishment of
participation in a multiple-employer trust with other governmental entities, for the sole
purpose of funding post-employment benefit obligations. The governmental entity may adopt
such ordinance, bylaw, or resolution through voting procedures and requirements currently
utilized by the governmental entity which are in accordance with state law. (b) Any trusts
created pursuant to this chapter shall be evidenced by a written trust instrument, the terms
and conditions of which shall be determined by and between the governmental entity or entities
and the applicable trustee, so long as such terms and conditions do not conflict with this
chapter. Each trust shall be managed and controlled by its respective...
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19-3B-201
Section 19-3B-201 Role of court in administration of trust. (a) The court may intervene in
the administration of a trust to the extent its jurisdiction is invoked by an interested person
or as provided by law. (b) A trust is not subject to continuing judicial supervision unless
ordered by the court. (c) A judicial proceeding involving a trust may relate to any matter
involving the trust's administration, including a request for instructions and an action to
declare rights. (d) A judicial proceeding involving a trust may relate to any matter involving
the trust's administration, including, but not being limited to a proceeding to: (1) request
instructions; (2) determine the existence or nonexistence of any immunity, power, privilege,
duty or right; (3) approve a nonjudicial settlement; (4) interpret or construe the terms of
the trust; (5) determine the validity of a trust or of any of its terms; (6) approve a trustee's
report or accounting or compel a trustee to report or account; (7)...
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19-3B-411
Section 19-3B-411 Modification or termination of noncharitable irrevocable trust by consent.
(a) If, upon petition, the court finds that the settlor and all beneficiaries consent to the
modification or termination of an irrevocable trust, the court shall enter an order approving
the modification or termination even if the modification or termination is inconsistent with
a material purpose of the trust. A settlor's power to consent to a trust's modification or
termination may be exercised by an agent under a power of attorney only to the extent expressly
authorized by the power of attorney or the terms of the trust; by the settlor's conservator
with the approval of the court supervising the conservatorship if an agent is not so authorized;
or by the settlor's guardian with the approval of the court supervising the guardianship if
an agent is not so authorized and a conservator has not been appointed. (b) A noncharitable
irrevocable trust may be terminated upon consent of all of the...
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19-3A-303
Section 19-3A-303 Apportionment when income interest ends. (a) For the purposes of this section,
"undistributed income" means net income received before the date on which an income
interest ends. The term does not include an item of income or expense that is due or accrued
or net income that has been added or is required to be added to principal under the terms
of the trust. (b) Except as provided in subsection (c), on the date when a mandatory income
interest ends, the fiduciary shall pay to a mandatory income beneficiary who survives that
date, or the estate of a deceased mandatory income beneficiary whose death causes the interest
to end, the mandatory income beneficiary's share of the undistributed income that is not disposed
of under the terms of the trust. (c) If, immediately before the income interest ends, the
mandatory income beneficiary has an unqualified power to revoke more than five percent of
the trust, then the undistributed income from the portion of the trust that may...
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19-3A-408
Section 19-3A-408 Insubstantial allocations not required. (a) If a fiduciary determines that
an allocation between principal and income required by Section 19-3A-409, Section 19-3A-410,
Section 19-3A-411, Section 19-3A-412, or Section 19-3A-415 is insubstantial, then the fiduciary
may allocate the entire amount to principal, unless one of the circumstances described in
Section 19-3A-104(c) applies to the allocation. This power may be exercised by a co-trustee
in the circumstances described in Section 19-3A-104(d) and may be released for the reasons
and in the manner described in Section 19-3A-104(e). For purposes of this subsection, the
circumstances set forth in Section 19-3A-104(c), Section 19-3A-104(d), and Section 19-3A-104(e)
shall be applied whether or not Section 19-3A-104 is otherwise applicable to the trust. (b)
Nothing in this section imposes a duty on the fiduciary to make an allocation pursuant to
this section, and the fiduciary is not liable for failure to make an...
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19-3B-505
Section 19-3B-505 Creditor's claim against settlor. (a) Whether or not the terms of a trust
contain a spendthrift provision, the following rules apply: (1) During the lifetime of the
settlor, the property of a revocable trust is subject to claims of the settlor's creditors.
(2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach
the maximum amount that can be distributed to or for the settlor's benefit. If a trust has
more than one settlor, then the amount the creditor or assignee of a particular settlor may
reach may not exceed the settlor's interest in the portion of the trust attributable to that
settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right
to direct the source from which liabilities will be paid, the property of a trust that was
revocable immediately prior to the settlor's death is subject to claims of the settlor's creditors,
costs of administration of the settlor's estate, the expenses of the...
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19-3D-22
Section 19-3D-22 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. SAVING PROVISION. (a)
If exercise of the decanting power would be effective under this chapter except that the second-trust
instrument in part does not comply with this chapter, the exercise of the power is effective
and the following rules apply with respect to the principal of the second trust attributable
to the exercise of the power: (1) A provision in the second-trust instrument which is not
permitted under this chapter is void to the extent necessary to comply with this chapter.
(2) A provision required by this chapter to be in the second-trust instrument which is not
contained in the instrument is deemed to be included in the instrument to the extent necessary
to comply with this chapter. (b) If a trustee or other fiduciary of a second trust determines
that subsection (a) applies to a prior exercise of the...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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19-3B-111
Section 19-3B-111 Nonjudicial settlement agreements. (a) For purposes of this section, "interested
persons" means persons whose consent would be required in order to achieve a binding
settlement were the settlement to be approved by the court. (b) Except as otherwise provided
in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement
with respect to any matter involving a trust. (c) A nonjudicial settlement agreement is valid
only to the extent it does not violate a material purpose of the trust and includes terms
and conditions that could be properly approved by the court under this chapter or other applicable
law. (d) Matters that may be resolved by a nonjudicial settlement agreement include: (1) the
interpretation or construction of the terms of the trust; (2) the approval of a trustee's
report or accounting; (3) direction to a trustee to refrain from performing a particular act
or the grant to a trustee of any necessary or desirable power; (4)...
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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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