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19-3D-10
Section 19-3D-10 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. FORMALITIES. An exercise
of the decanting power must be made in a record signed by an authorized fiduciary. The signed
record must, directly or by reference to the notice required by Section 19-3D-7, identify
the first trust and the second trust or trusts and state the property of the first trust being
distributed to each second trust and the property, if any, that remains in the first trust.
(Act 2018-519, §10.)...
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27-41-29
Section 27-41-29 Particular investments - Bonds, etc., secured by mortgages or deeds of trust
on real property, etc., generally. An insurer may invest in: (1) Bonds, notes, or other evidences
of indebtedness which are secured by a first mortgage lien or deed of trust upon unencumbered
improved real property located in the United States or Canada, including leasehold estates
in such real estate having an unexpired term (inclusive of the term or terms which may be
provided by options of renewal) of not less than 10 years beyond the final maturity of the
loan. Unless guaranteed or insured by the Administrator of Veterans Affairs, the Secretary
of Housing and Urban Development, or by a mortgage guaranty insurance policy issued by an
insurance company licensed and authorized to do business by and in the State of Alabama, no
such mortgage loan or loans when made shall exceed 75 percent of the fair value of the real
estate or leasehold, except that loans made on single family dwellings shall...
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40-9E-1
Section 40-9E-1 Definitions. For purposes of this chapter only, the following terms shall have
the following meanings: (1) BASE YEAR. The taxable year immediately before the taxable year
in which property first becomes qualified property under this chapter. (2) BASE YEAR VALUE.
The value of the property used to determine the assessment on which the property tax on property
is imposed for the base year. Base year value does not include any new property that is first
assessed in the base year. (3) ELIGIBLE ASSESSMENT. The difference between the base year value
and the actual value as determined by the county tax assessor for the applicable taxable year.
(4) ENHANCED USE LEASE AREA. Any area of a military installation which contains underutilized
real or personal property, or both, that is leased by a secretary of a military department
to a lessee pursuant to the authority provided in 10 U.S.C. §2667. (5) LOCAL GOVERNING BODY.
The governing body of a county or municipality which proposes...
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19-3B-602
Section 19-3B-602 Revocation or amendment of revocable trust. (a) Unless the terms of a trust
expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
This subsection does not apply to a trust created under an instrument executed before January
1, 2007. (b) If a revocable trust is created or funded by more than one settlor, then: (1)
to the extent the trust consists of community property, the trust may be revoked by either
spouse acting alone but may be amended only by joint action of both spouses; (2) to the extent
the trust consists of property other than community property, each settlor may revoke or amend
the trust with regard to the portion of the trust property attributable to that settlor's
contribution; and (3) upon the revocation or amendment of the trust by fewer than all of the
settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
(c) The settlor may revoke or amend a revocable trust: (1) by...
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19-3D-27
Section 19-3D-27 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. OBLIGATIONS. A debt,
liability, or other obligation enforceable against property of a first trust is enforceable
to the same extent against the property when held by the second trust after exercise of the
decanting power. (Act 2018-519, §27.)...
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19-3D-12
Section 19-3D-12 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. DECANTING POWER UNDER
LIMITED DISTRIBUTIVE DISCRETION. (a) In this section, "limited distributive discretion"
means a discretionary power of distribution that is limited to an ascertainable standard or
a reasonably definite standard. (b) An authorized fiduciary that has limited distributive
discretion over the principal of the first trust for the benefit of one or more current beneficiaries
may exercise the decanting power over the principal of the first trust. If an authorized fiduciary
has limited distributive discretion over part but not all of the principal of a first trust,
the fiduciary may exercise the decanting power over that part of the principal over which
the authorized fiduciary has limited distributive discretion. (c) Under this section and subject
to Section 19-3D-14, a second trust may be created or...
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19-3D-13
Section 19-3D-13 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. TRUST FOR BENEFICIARY
WITH DISABILITY. (a) In this section the following terms have the following meanings: (1)
BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized fiduciary
believes may qualify for governmental benefits based on disability, whether or not the beneficiary
currently receives those benefits or is an individual who has been adjudicated incompetent
or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a state, federal,
or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust that has a beneficiary
with a disability: (A) a trustee or other fiduciary, other than a settlor, that has discretion
to distribute part or all of the principal of a first trust to one or more current beneficiaries;
(B) if no trustee or fiduciary has discretion under...
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40-7-25.3
Section 40-7-25.3 Current use value of Class III property - Conversion of property to other
taxable use. If the sale or other disposition of taxable property qualified for assessment
based on its current use value results in or is followed by the conversion of such property,
within two years from the date of sale or other disposition, to a use that is not so qualified,
then with respect to such property, there shall be levied and collected, in the ad valorem
tax year beginning on the October 1 next succeeding the conversion of such property, an amount
of additional taxes to be computed in the manner provided by this section. If taxable property
qualified for assessment at its current use value is converted to a use not so qualified,
then the tax assessor shall thereupon appraise such property in accordance with the provisions
of Section 40-7-15 and Section 40-7-25, as amended, and shall compute the amount of additional
taxes payable with respect to such property in the manner provided...
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17-14-8
Section 17-14-8 District attorneys. One district attorney for each judicial circuit shall be
elected on the first Tuesday after the first Monday in November 2010, and every six years
thereafter, and they shall hold office for a term of six years from the first Monday after
the second Tuesday in January next after their election and until their successors are elected
and qualified. (Code 1923, §422; Code 1940, T. 17, §74; §17-2-9; amended and renumbered
by Act 2006-570, p. 1331, §70.)...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
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