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Home » US Law » 2022 Code of Alabama » Title 38 - Public Welfare. » Chapter 9B - Alabama Family Trust Board of Trustees.

Section 38-9B-1 – Legislative Findings.

Section 38-9B-1 Legislative findings. (a) The Legislature finds and declares the following: (1) It is an essential function of state government to provide basic support for persons with a mental or physical impairment that substantially limits one or more major life activities, whether the impairment is congenital or occurs by reason of accident, injury, age, […]

Section 38-9B-2 – Definitions.

Section 38-9B-2 Definitions. THIS SECTION WAS AMENDED BY ACT 2018-422 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this chapter, the following words shall have the following meanings: (1) ALABAMA FAMILY CHARITABLE TRUST (AFT CHARITABLE TRUST). The trust established by the board of […]

Section 38-9B-5 – Aft Corporation, Trust, and Charitable Trust.

Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT 2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation. The board of trustees shall execute all documents necessary to establish […]

Section 38-9B-6 – Rights and Interests of Life Beneficiaries and Contributors.

Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No life beneficiary shall have any vested or property rights or interests in the AFT Trust, nor shall any life beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber any interest in the income or principal of the AFT Trust nor […]

Section 38-9B-7 – Trustee Liability.

Section 38-9B-7 Trustee liability. No trustee or co-trustee serving pursuant to the provisions of this chapter shall at any time be liable for any mistake of law or fact, or of both law and fact, or errors of judgment, or for any loss sustained by the AFT Trust or AFT Charitable Trust, or by any […]