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27-33-13
Section 27-33-13 Trusteed assets - Withdrawal. (a) The trust agreement shall provide, in substance,
that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee
without the written authorization or approval of the commissioner in advance thereof except
as follows: (1) Any or all income, earnings, dividends, or interest accumulations of the trusteed
assets may be paid over to the United States manager of the insurer upon request of the insurer
or the manager; (2) For substitution, coincidentally with such withdrawal, of other securities
or assets of value at least equal in amount to those being withdrawn, if such substituted
securities or assets are likewise such as are eligible for investment of the funds of like
domestic insurers and if such withdrawal is requested in writing by the insurer's United States
manager pursuant to general or specific written authority previously given or delegated by
the insurer's board of directors, or other similar...
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27-17A-42
Section 27-17A-42 Trust contributions; trustee responsibilities; withdrawals; analysis and
certification by seller. (a) The obligation of the seller under a preneed contract shall be
to make contributions into the Cemetery Merchandise and Services Trust Fund in accordance
with the following formulae: (1) With respect to all cemetery merchandise, 110 percent of
wholesale cost. (2) With respect to outer burial containers, 60 percent of the purchase price
specified in the preneed contract. (3) With respect to cemetery services, 60 percent of the
purchase price specified in the preneed contract. (4) With respect to all cash advance items
sold, 100 percent of the purchase price specified for the same in the preneed contract. (5)
With respect to caskets, 75 percent of the purchase price. (b) All contributions shall be
made within 30 days after the end of the calendar month in which the preneed contract is paid
in full, unless, prior to that time, all liabilities of the seller under the...
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45-8A-22.127
Section 45-8A-22.127 Exclusive use of assets of the trust; vesting; forfeitures. (a) Trust
Assets May Not Be Diverted. The assets of the trust shall be held for the exclusive benefit
of the participants and their beneficiaries. It shall not be possible for any part of the
corpus or income of the trust or any funds contributed thereto to be used for, or diverted
to, purposes other than the exclusive benefit of such participants or their beneficiaries,
whether by operation or natural termination of the trust, by power of revocation or amendment,
by the happening of a contingency, by collateral arrangement, or by other means. No benefits
payable as set forth in the plan shall be assignable or be subject to execution, levy, attachment,
garnishment, or other legal process. Accordingly, the plan shall not recognize any domestic
relations order attempting to provide a participant's benefits, or any portion thereof, to
an alternate payee. (b) Vesting. The retirement benefit earned by a...
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19-3A-202
Section 19-3A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary
described in Section 19-3A-201(d) is entitled to receive a portion of the net income equal
to the beneficiary's fractional interest in undistributed principal assets, using inventory
values as of the appropriate distribution dates. (b) In determining a beneficiary's share
of net income, the following rules apply: (1) The beneficiary's fractional interest in the
undistributed principal assets shall be calculated without regard to property specifically
given to the beneficiary and property required to pay pecuniary amounts not in trust. (2)
The beneficiary's fractional interest in the undistributed principal assets shall be calculated
on the basis of the aggregate inventory value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not
distribute all of the collected but undistributed net income to each person as of a...
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19-3B-603
Section 19-3B-603 Settlor's powers; powers of withdrawal. (a) While a trust is revocable, rights
of the beneficiaries are subject to the control of, and the duties of the trustee are owed
exclusively to, the settlor. (b) During the period the power may be exercised, the holder
of a power of withdrawal has the rights of a settlor of a revocable trust under this section
to the extent of the property subject to the power. (Act 2006-216, p. 314, §1.)...
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19-3B-815
Section 19-3B-815 General powers of trustee. (a) A trustee, without authorization by the court,
may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by
the terms of the trust: (A) all powers over the trust property which an unmarried competent
owner has over individually owned property; (B) any other powers appropriate to achieve the
proper investment, management, and distribution of the trust property; and (C) any other powers
conferred by this chapter. (b) The exercise of a power is subject to the fiduciary duties
prescribed by this article. (Act 2006-216, p. 314, §1.)...
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43-8-1
Section 43-8-1 General definitions. Subject to additional definitions contained in the subsequent
articles which are applicable to specific articles or divisions, and unless the context otherwise
requires, in this chapter, the following words shall have the following meanings: (1) BENEFICIARY.
As it relates to trust beneficiaries, includes a person who has any present or future interest,
vested or contingent, and also includes the owner of an interest by assignment or other transfer
and as it relates to a charitable trust, includes any person entitled to enforce the trust.
(2) CHILD. Includes any individual entitled to take as a child under this chapter by intestate
succession from 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-8-1.htm - 8K - Match Info - Similar pages
43-8-7
Section 43-8-7 Effect of acts by holder of general power of appointment, etc., on beneficiaries.
For the purpose of granting consent or approval with regard to the acts or accounts of a personal
representative or trustee, including relief from liability or penalty for failure to post
bond, or to perform other duties, and for purposes of consenting to modification or termination
of a trust or to deviation from its terms, the sole holder or all co-holders of a presently
exercisable general power of appointment, including one in the form of a power of amendment
or revocation, are deemed to act for beneficiaries to the extent their interests (as objects,
takers in default, or otherwise) are subject to the power. (Acts 1982, No. 82-399, §1-108.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-8-7.htm - 1K - Match Info - Similar pages
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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35-8A-319
Section 35-8A-319 Association as trustee. With respect to a third person dealing with the association
in the association's capacity as a trustee, the existence of trust powers and their proper
exercise by the association may be assumed without inquiry. A third person is not bound to
inquire whether the association has power to act as trustee or is properly exercising trust
powers. A third person, without actual knowledge that the association is exceeding or improperly
exercising its powers, is fully protected in dealing with the association as if it possessed
and properly exercised the powers it purports to exercise. A third person is not bound to
assure the proper application of trust assets paid or delivered to the association in its
capacity as trustee. (Acts 1990, No. 90-551, p. 858, §3-119.)...
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