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19-3A-410
Section 19-3A-410 Liquidating assets. (a) In this section, "liquidating asset" means
an asset whose value will diminish or terminate because the asset is expected to produce receipts
for a period of limited duration. The term includes a leasehold, patent, copyright, royalty
right, and right to receive payments under an arrangement that does not provide for the payment
of interest on the unpaid balance. The term does not include a payment subject to Section
19-3A-409, natural resources subject to Section 19-3A-411, timber subject to Section 19-3A-412,
an activity subject to Section 19-3A-414, an asset subject to Section 19-3A-415, or any asset
for which the fiduciary establishes a reserve for depreciation under Section 19-3A-503. (b)
A fiduciary shall allocate to income ten percent (10%) of the receipts from a liquidating
asset and the balance to principal. (Act 2000-675, p. 1343, ยง1.)...
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19-3A-415
Section 19-3A-415 Asset-backed securities. (a) In this section, "asset-backed security"
means an asset whose value is based upon the right it gives the owner to receive distributions
from the proceeds of financial assets that provide collateral for the security. The term includes
an asset that gives the owner the right to receive from the collateral financial assets (1)
only the interest or other current return thereon or (2) only the proceeds other than interest
or current return. The term does not include an asset to which Section 19-3A-401 or Section
19-3A-409 applies. (b) If a trust receives a payment that includes interest or other current
return and other proceeds of the collateral financial assets, then the fiduciary (1) shall
allocate to income the portion of the payment which the payer identifies as being from interest
or other current return; and (2) shall allocate the balance of the payment to principal. (c)
If a trust receives one or more payments in exchange for the...
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8-9A-1
Section 8-9A-1 Definitions. As used in this chapter: (1) AFFILIATE. a. A person who directly
or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding
voting securities of the debtor, other than a person who holds the securities, 1. As a fiduciary
or agent without sole discretionary power to vote the securities; or 2. Solely to secure a
debt, if the person has not exercised the power to vote; b. A corporation 20 percent or more
of whose outstanding voting securities are directly or indirectly owned, controlled, or held
with power to vote, by the debtor or a person who directly or indirectly owns, controls, or
holds, with power to vote, 20 percent or more of the outstanding voting securities of the
debtor, other than a person who holds the securities, 1. As a fiduciary or agent without sole
power to vote the securities; or 2. Solely to secure a debt, if the person has not in fact
exercised the power to vote; c. A person whose business is operated...
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8-9B-2
Section 8-9B-2 Definitions. As used in this chapter: (1) "Affiliate" means: (i) a
person that directly or indirectly owns, controls, or holds with power to vote, 20 percent
or more of the outstanding voting securities of the debtor, other than a person that holds
the securities: (A) as a fiduciary or agent without sole discretionary power to vote the securities;
or (B) solely to secure a debt, if the person has not in fact exercised the power to vote;
(ii) a corporation 20 percent or more of whose outstanding voting securities are directly
or indirectly owned, controlled, or held, with power to vote, by the debtor or a person that
directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of
the outstanding voting securities of the debtor, other than a person that holds the securities:
(A) as a fiduciary or agent without sole discretionary power to vote the securities; or (B)
solely to secure a debt, if the person has not in fact exercised the power to...
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25-4-75
Section 25-4-75 Extension of benefit period. (a) Applicability of section. Notwithstanding
any other provisions of this chapter, the duration of benefits as provided in Section 25-4-74
shall be extended as provided in this section. (b) Definitions. As used in this section, unless
the context clearly requires otherwise, the following terms shall mean: (1) EXTENDED BENEFIT
PERIOD. A period which: a. Begins with the third week after a week for which there is a state
"on" indicator; and b. Ends with either of the following weeks, whichever occurs
later: 1. The third week after the first week for which there is a state "off" indicator;
or 2. The thirteenth consecutive week of such period; provided, that no extended benefit period
may begin by reason of a state "on" indicator before the fourteenth week following
the end of a prior extended benefit period which was in effect with respect to this state.
3. The eligibility period for the payment of extended benefits using the total unemployment...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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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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19-3A-411
Section 19-3A-411 Minerals, water, and other natural resources. (a) To the extent that a fiduciary
accounts for receipts from an interest in minerals or other natural resources pursuant to
this section, the fiduciary shall allocate them as follows: (1) If received as nominal delay
rental or nominal annual rent on a lease, a receipt shall be allocated to income. (2) If received
from a production payment, a receipt shall be allocated to income if and to the extent that
the agreement creating the production payment provides a factor for interest or its equivalent.
The balance shall be allocated to principal. (3) If an amount received as a royalty payment,
shut-in-well payment, take-or-pay payment, bonus, or a delay rental that is more than nominal,
then ninety percent (90%) shall be allocated to principal and the balance to income. (4) If
an amount is received from a working interest or any other interest not provided for in subdivisions
(1), (2), or (3), then ninety percent (90%) of the...
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19-3A-409
Section 19-3A-409 Deferred compensation, annuities, and similar payments. (a) In this section:
(1) "Payment" means a payment that a fiduciary may receive over a fixed number of
years or during the life of one or more individuals because of services rendered or property
transferred to the payer in exchange for future payments. The term includes a payment made
in money or property from the payer's general assets or from a separate fund created by the
payer. For purposes of subsections (d), (e), (f), and (g), the term also includes any payment
from any separate fund, regardless of the reason for the payment. (2) "Separate fund"
includes a private or commercial annuity, an individual retirement account, and a pension,
profit-sharing, stock-bonus, or stock-ownership plan. (b) To the extent that a payment or
portion thereof is characterized by other sections of this chapter as income in the hands
of the payer, a fiduciary shall allocate such payment or portion thereof to income. The...
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