|
19-3B-105
Section 19-3B-105 Default and mandatory rules. (a) Except as otherwise provided in the terms
of the trust, this chapter governs the duties and powers of a trustee, relations among trustees,
and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision
of this chapter except: (1) the requirements for creating a trust; (2) the duty of a trustee
to act in good faith and in accordance with the terms and purposes of the trust and the interest
of the beneficiaries; (3) the requirement that a trust and its terms be for the benefit of
its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public
policy, and possible to achieve; (4) the power of the court to modify or terminate a trust
under Sections 19-3B-410 through 19-3B-416; (5) the effect of a spendthrift provision and
the rights of certain creditors and assignees to reach a trust as provided in Article 5; (6)
the power of the court under Section 19-3B-702 to require,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-105.htm - 2K - Match Info - Similar pages
19-3B-807
Section 19-3B-807 Delegation by trustee. (a) A trustee may delegate duties and powers that
a prudent trustee could properly delegate under the circumstances. The trustee shall exercise
reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope
and terms of the delegation, consistent with the purposes and terms of the trust; and (3)
periodically reviewing the agent's actions in order to monitor the agent's performance and
compliance with the terms of the delegation. (b) In performing a delegated function, an agent
owes a duty to the trust to exercise reasonable care, skill, and caution to comply with the
terms of the delegation. (c) A trustee who complies with subsection (a) is not liable to the
beneficiaries or to the trust for an action of the agent to whom the function was delegated.
(d) By accepting a delegation of powers or duties from the trustee of a trust that is subject
to the law of this state, an agent submits to the jurisdiction of the courts...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-807.htm - 1K - Match Info - Similar pages
22-23B-3
Section 22-23B-3 Revolving Loan Fund established; maintenance; administration. There is hereby
established the State of Alabama Drinking Water Revolving Loan Fund, which shall be maintained
in perpetuity and operated by the department as agent for the authority for the purposes stated
herein. Grants from the federal government or its agencies allocated, allotted or paid to
the state for capitalization of the revolving loan fund, state matching funds where required,
and loan principal, interest, and penalties and interest income and all other amounts at anytime
required or permitted to be paid into the revolving loan fund shall be deposited therein.
Proceeds of bonds issued by the authority, proceeds of capitalization grants, funds appropriated
by the state, loan principal and interest payments, interest income and all other funds of
the authority shall be deposited with one or more banks designated by the authority to act
as depository or trustee with respect to such funds. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-23B-3.htm - 3K - Match Info - Similar pages
10A-2A-15.11
Section 10A-2A-15.11 Authority of foreign corporation to act as fiduciary. (a) Any foreign
corporation may act in this state as trustee, personal representative, executor, administrator
of any kind, guardian, conservator, or in any other like or similar fiduciary capacity, whether
the appointment is by law, will, deed, inter vivos trust, mortgage, deed of trust, court order
or otherwise, without the necessity of complying with any law of this state relating to the
qualification of foreign corporations to do business in this state or the licensing of foreign
corporations to do business in this state and notwithstanding any prohibition, limitation,
or restriction contained in any law of this state subject to the following conditions: (1)
The foreign corporation is authorized to act in a fiduciary capacity, or capacities, in the
state in which it is incorporated or, if the foreign corporation is a national banking association
or other corporation organized under the laws of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-15.11.htm - 2K - Match Info - Similar pages
22-30F-4
Section 22-30F-4 Revolving Loan Fund established; maintenance; administration. (a) There is
hereby established the State of Alabama Land Recycling Revolving Loan Fund, which shall be
maintained in perpetuity and operated by the department as agent for the authority for the
purposes stated herein. Grants from the federal government or its agencies allocated, allotted,
or paid to the state for capitalization of the revolving loan fund, grants from other entities
allocated, allotted, or paid to the state for capitalization of the revolving loan fund, state
matching funds where required, and loan principal, interest, and penalties and interest income
and all other amounts at anytime required or permitted to be paid into the revolving loan
fund shall be deposited therein. Proceeds of capitalization grants, funds appropriated by
the state, loan principal and interest payments, interest income, and all other funds of the
authority shall be deposited with one or more banks designated by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-30F-4.htm - 4K - Match Info - Similar pages
27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-3.htm - 5K - Match Info - Similar pages
5-17-45
Section 5-17-45 Legislative findings; powers of credit unions; agreements; reports. (a) The
Legislature finds as fact and determines that the credit unions having their principal place
of business in Alabama must keep pace with technological and other improvements constantly
being made throughout the United States so as to enable Alabama credit unions to render better
and more efficient services to their members. It is necessary and desirable that the administrator
be given additional authority in these fields. (b) The administrator is hereby authorized
to expand powers of Alabama credit unions in order to accomplish both of the following: (1)
Accommodate or take advantage of changing technologies. (2) Assure the ability of Alabama
credit unions to be responsive in their business to the needs and conveniences demanded by
credit union members through on-premises as well as off-premises operations; provided, that
nothing in this section shall enable the administrator to authorize credit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-45.htm - 3K - Match Info - Similar pages
10A-2-15.41
Section 10A-2-15.41 Authority of foreign corporation to act as fiduciary. REPEALED IN THE 2019
REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE
SUPPLEMENT. (a) Any foreign corporation may act in this state as trustee, personal representative,
executor, administrator of any kind, guardian, conservator, or in any other like or similar
fiduciary capacity, whether the appointment is by law, will, deed, inter vivos trust, mortgage,
deed of trust, court order or otherwise, without the necessity of complying with any law of
this state relating to the qualification of foreign corporations to do business in this state
or the licensing of foreign corporations to do business in this state and notwithstanding
any prohibition, limitation, or restriction contained in any law of this state subject to
the following conditions: (1) The foreign corporation is authorized to act in a fiduciary
capacity, or capacities, in the state in which it is incorporated or, if...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-15.41.htm - 2K - Match Info - Similar pages
10A-2-16.02
Section 10A-2-16.02 Inspection of records by shareholders. REPEALED IN THE 2019 REGULAR SESSION
BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)
A shareholder of a domestic corporation or of a foreign corporation with its principal office
within this state is entitled to inspect and copy, during regular business hours at the corporation's
principal office, or if its principal office is outside this state, at a reasonable location
within this state, specified by the corporation, any of the records of the corporation described
in Section 10A-2-16.01(e) if he or she gives the corporation written notice of his or her
demand at least five business days before the date on which he or she wishes to inspect and
copy. (b) A shareholder of a domestic corporation or of a foreign corporation with its principal
office within this state who shall have been a holder of record of shares for 180 days immediately
preceding his or her demand or who is the holder...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-16.02.htm - 4K - Match Info - Similar pages
10A-2A-7.03
Section 10A-2A-7.03 Court-ordered meetings. (a) The designated court, and if none, the circuit
court for the county in which the corporation's principal office is located in this state,
and, if none in this state, the circuit court for the county in which the corporation's most
recent registered office is located may summarily order a meeting to be held: (1) on application
of any stockholder of the corporation entitled to participate in an annual meeting if an annual
meeting was not held or action by written consent in lieu of an annual meeting did not become
effective within the earlier of 12 months after the end of the corporation's fiscal year or
15 months after its last annual meeting; or (2) on application of one or more stockholders
who signed a demand for a special meeting valid under Section 10A-2A-7.02, if: (i) notice
of the special meeting was not given within 30 days after the first day on which the requisite
number of demands have been delivered to the corporation; or (ii)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-7.03.htm - 2K - Match Info - Similar pages
|