Section 19-5-12 – Chapter Effective as to Transfers in Trust, etc., on and After January 1, 1987.
Section 19-5-12 Chapter effective as to transfers in trust, etc., on and after January 1, 1987. This chapter shall be effective with respect to transfers in trust, and decedents dying, on and after January 1, 1987. (Acts 1988, No. 88-340, p. 516, §13.)
Section 19-4A-7 – Applicability.
Section 19-4A-7 Applicability. The provisions of this chapter shall apply to all fiduciary accounts now existing or hereafter created, but only to the bank or trust company’s actions or inactions occurring after May 28, 1991. (Acts 1991, No. 91-129, p. 163, §1(g).)
Section 19-5-1 – Definitions.
Section 19-5-1 Definitions. For purposes of this chapter unless the context otherwise requires, the following terms mean: (1) FIDUCIARY. Includes a personal representative or trustee. (2) PERSONAL REPRESENTATIVE. An executor, administrator, special administrator, or a person who performs substantially the same function under the law governing the person’s status, and a successor to any of […]
Section 19-5-2 – Allocation of GST Exemption.
Section 19-5-2 Allocation of GST exemption. Unless prohibited by the governing instrument, any person having authority under Chapter 13 of the Internal Revenue Code to allocate any GST exemption shall be entitled to allocate such exemption to any property or to exclude any such property from such allocation. (Acts 1988, No. 88-340, p. 516, §2.)
Section 19-5-3 – Division of Trust to Which GST Exemption Allocated Into Separate Trusts for Exempt and Nonexempt Property.
Section 19-5-3 Division of trust to which GST exemption allocated into separate trusts for exempt and nonexempt property. When property is held or to be held in a trust which is or would otherwise be partially exempted from the GST due to the allocation to such trust of a GST exemption, a fiduciary is authorized, […]
Section 19-5-4 – Separate Trusts for Property Transferred, etc., From Another Trust in Order to Preclude or Minimize Gst.
Section 19-5-4 Separate trusts for property transferred, etc., from another trust in order to preclude or minimize GST. If under the provisions of the governing instrument, property which is held in one trust (the “first trust”) is to be transferred or poured over to, merged with, or otherwise combined with property in another trust (the […]
Section 19-5-5 – Division of Trust With More Than One Beneficiary or Class Thereof for GST Purposes Into Separate Share Trusts to Effectuate Allocation of Grantor’s, Decedent’s, or Surviving Spouse’s GST Exemption.
Section 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption. When a grantor or decedent transfers property into a trust which has, or which pours into another trust which has, more than one beneficiary […]
Section 19-5-6 – Division of Qualified Terminable Interest Property Trust Into Separate Share Trusts to Effectuate Allocation of Grantor’s, Decedent’s, or Surviving Spouse’s GST Exemption; Payment of Estate Taxes.
Section 19-5-6 Division of qualified terminable interest property trust into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption; payment of estate taxes. When a grantor or decedent transfers property into a trust for which an election is made or to be made pursuant to Section 2056(b)(7) or 2523(f) of […]
Section 19-5-7 – Allocation of Distributions From Separate Trusts.
Section 19-5-7 Allocation of distributions from separate trusts. Distributions provided for by the governing instrument, whether the original trust is divided into separate trusts under the provisions of Section 19-5-3, 19-5-5 or 19-5-6 hereof or the trusts are retained as separate trusts under the provisions of Section 19-5-4 or 19-5-5 hereof, may be made from […]
Section 19-4-41 – Deposit of Treasury Securities in Federal Reserve Banks Authorized; Transfer of Ownership, etc., of Securities; Maintenance of Records as to Fiduciary Accounts; Rules and Regulations Governing Banks; Certification of Securities Deposited for Fiduciary Accounts.
Section 19-4-41 Deposit of treasury securities in federal reserve banks authorized; transfer of ownership, etc., of securities; maintenance of records as to fiduciary accounts; rules and regulations governing banks; certification of securities deposited for fiduciary accounts. (a) Notwithstanding any other provision of law to the contrary, any bank holding treasury securities as a fiduciary, as […]