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 19-3D-14 – Protection of Charitable Interest.
Section 19-3D-14 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. PROTECTION OF CHARITABLE INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE CHARITABLE INTEREST. A charitable interest that is a right to a […]
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 19-4-22 – Applicability of Provisions of Article.
Section 19-4-22 Applicability of provisions of article. This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting. (Acts 1976, No. 610, p. 828, §3.)
Section 19-3D-15 – Trust Limitation on Decanting.
Section 19-3D-15 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 LIMITATION ON DECANTING. (a) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: (1) the decanting power; […]
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 19-4-40 – Definitions.
Section 19-4-40 Definitions. When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trustee, a guardian, a conservator, an agent or a custodian. (2) FIDUCIARY […]
Section 19-3D-16 – Change in Compensation.
Section 19-3D-16 Change in compensation. (a) If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (2) the increase is approved […]
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 19-3D-17 – Relief From Liability and Indemnification.
Section 19-3D-17 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. RELIEF FROM LIABILITY AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust […]