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19-3B-402
Section 19-3B-402 Requirements for creation. (a) A trust is created only if: (1) the settlor
has capacity to create a trust; (2) the settlor indicates an intention to create the trust;
(3) the trust has a definite beneficiary or is: (A) a charitable trust; (B) a trust for the
care of an animal, as provided in Section 19-3B-408; or (C) a trust for a noncharitable purpose,
as provided in Section 19-3B-409; (4) the trustee has duties to perform; and (5) the same
person is not the sole trustee and sole beneficiary. (b) A beneficiary is definite if the
beneficiary can be ascertained now or in the future, subject to any applicable rule against
perpetuities. (c) A power in a trustee to select a beneficiary from an indefinite class is
valid. If the power is not exercised within a reasonable time, then the power fails and the
property subject to the power passes to the persons who would have taken the property had
the power not been conferred. (Act 2006-216, p. 314, ยง1.)...
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19-3D-2
Section 19-3D-2 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. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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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-409
Section 19-3B-409 Noncharitable trust without ascertainable beneficiary. Except as otherwise
provided in Section 19-3B-408 or by another statute, the following rules apply: (1) A trust
may be created for a noncharitable purpose without a definite or definitely ascertainable
beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee.
The trust may not be enforced for more than 21 years. (2) A trust authorized by this section
may be enforced by a person appointed in the terms of the trust or, if no person is so appointed,
by a person appointed by the court. (3) Property of a trust authorized by this section may
be applied only to its intended use, except to the extent the court determines that the value
of the trust property exceeds the amount required for the intended use. Except as otherwise
provided in the terms of the trust, property not required for the intended use must be distributed
to the settlor, if then living, otherwise to the settlor's...
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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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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...
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19-3D-19
Section 19-3D-19 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. TAX-RELATED LIMITATIONS.
(a) In this section the following terms have the following meanings: (1) GRANTOR TRUST. A
trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections
671 through 677, as amended, or 26 U.S.C. Section 679, as amended. (2) INTERNAL REVENUE CODE.
The United States Internal Revenue Code of 1986, as amended. (3) NONGRANTOR TRUST. A trust
that is not a grantor trust. (4) QUALIFIED BENEFITS PROPERTY. Property subject to the minimum
distribution requirements of 26 U.S.C. Section 401(a)(9), as amended, and any applicable regulations,
or to any similar requirements that refer to 26 U.S.C. Section 401(a)(9) or the regulations.
(b) An exercise of the decanting power is subject to the following limitations: (1) If a first
trust contains property that qualified, or would have...
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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-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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41-9-249
Section 41-9-249 Powers and duties of commission generally. The commission shall have the following
duties and powers: (1) To promote and increase knowledge and understanding of the history
of this state from the earliest time to the present, including the archaeological, Indian,
Spanish, British, French, Colonial, Confederate and American eras, by adopting and executing
general plans, methods and policies for permanently preserving and marking objects, sites,
structures and ruins as defined in Section 41-9-242; (2) To promote and assist in the publicizing
of the historic resources of the state by preparing and furnishing information to public mass
media and to governmental agencies charged with publicity and to coordinate any of its objectives,
efforts or functions with any agency or agencies of the federal government, of the State of
Alabama and of other states or local governments having objectives similar or related to those
of the commission; (3) To accept for renovation,...
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