Section 19-3E-1 – Short Title.
Section 19-3E-1 Short title. This chapter shall be known and may be cited as the Alabama Qualified Dispositions in Trust Act. (Act 2021-238, §1.)
Section 19-3E-10 – Application; Relation to Other Laws.
Section 19-3E-10 Application; relation to other laws. (a) Subject to subsection (e) of Section 19-3E-5, this chapter applies to qualified dispositions made on or after April 20, 2021. (b) If any provision of this chapter conflicts with any provision of the Alabama Uniform Trust Code, Sections 19-3B-101 to 19-3B-1305, inclusive, or the Alabama Uniform Voidable […]
Section 19-3E-11 – Chapter Supplemented by Principles of Law and Equity.
Section 19-3E-11 Chapter supplemented by principles of law and equity. Unless otherwise displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, and other validating or invalidating clauses, supplement its provisions. (Act […]
Section 19-3E-2 – Definitions.
Section 19-3E-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) ADVISOR. A person who is given authority by the terms of a trust instrument to remove or appoint, or both, one or more trustees or to direct, consent to, approve, or veto a trustee’s actual or proposed investment […]
Section 19-3E-3 – Jurisdiction and Venue.
Section 19-3E-3 Jurisdiction and venue. (a) Except as provided in subsection (b), the circuit court has exclusive jurisdiction over an action that addresses either of the following questions: (1) Whether a transfer is a qualified disposition. (2) The extent of the transferor’s interest in, or the income from, a qualified disposition. (b) A probate court […]
Section 19-3E-4 – Permitted Trust Powers of Transferor.
Section 19-3E-4 Permitted trust powers of transferor. (a) A transferor has only the powers and rights that are conferred by the trust instrument. Except as otherwise provided in this chapter, a transferor does not have any power or right with respect to property that is the subject of a qualified disposition or income from the […]
Section 19-3E-5 – Right of Action of Creditor With Respect to a Qualified Disposition.
Section 19-3E-5 Right of action of creditor with respect to a qualified disposition. (a) Notwithstanding any other provision of this chapter, with respect to any qualified disposition, a creditor has only the rights provided in this section and Section 19-3E-7. (b) In an action brought by a creditor for an attachment or other provisional remedy […]
Section 19-3E-6 – Qualified Affidavit.
Section 19-3E-6 Qualified affidavit. (a) Except as provided in subsection (f), for purposes of this section, a “qualified affidavit” means an affidavit in which the transferor states that at the time of the transfer of the property to the trust, all of the following apply: (1) The transferor has full right, title, and authority to […]
Section 19-3E-7 – Rights of Trustee and Beneficiary in Regard to an Avoided Qualified Disposition.
Section 19-3E-7 Rights of trustee and beneficiary in regard to an avoided qualified disposition. (a) A qualified disposition may be avoided only to the extent necessary to satisfy or provide for the present value, taking into consideration any uncertainty of the transferor’s debt to the creditor at whose instance the disposition had been avoided. (b) […]
Section 19-3E-8 – Cessation of a Qualified Trustee and Successor.
Section 19-3E-8 Cessation of a qualified trustee and successor. (a)(1) If a person serving as a qualified trustee ceases to meet the requirements of a qualified trustee and there remains no trustee that meets the requirements of a qualified trustee, the person serving as qualified trustee is considered to have resigned as of the time […]
Section 19-3E-9 – Rights of Creditor of Trust Beneficiary in a Trust or a Portion of a Trust That Is a Qualified Distribution.
Section 19-3E-9 Rights of creditor of trust beneficiary in a trust or a portion of a trust that is a qualified distribution. (a) A trust beneficiary does not have the power or capacity to transfer any of the income from property of a trust or portion of a trust which is the subject of a […]