Section 19-3D-19 – Tax-Related Limitations.
Section 19-3D-19 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. TAX-RELATED LIMITATIONS. (a) In this section the following terms have the following meanings: (1) GRANTOR TRUST. A trust as to which a settlor of a first trust is […]
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 19-3D-20 – Duration of Second Trust.
Section 19-3D-20 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. DURATION OF SECOND TRUST. (a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the […]
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 19-3D-21 – Need to Distribute Not Required.
Section 19-3D-21 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. NEED TO DISTRIBUTE NOT REQUIRED. An authorized fiduciary may exercise the decanting power whether or not under the first trust’s discretionary distribution standard the fiduciary would have made […]
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 19-3D-22 – Saving Provision.
Section 19-3D-22 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. SAVING PROVISION. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, […]
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 […]
Section 19-3D-23 – Trust for Care of Animal.
Section 19-3D-23 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 CARE OF ANIMAL. (a) In this section the following terms have the following meanings: (1) ANIMAL TRUST. A trust or an interest in a trust created […]
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 […]