Title 19 — FIDUCIARIES AND TRUSTS.
- Chapter 1 — UNIFORM FIDUCIARIES ACT.
- Section 19-1-1 Short title.
- Section 19-1-10 Deposit in names of two or more fiduciaries.
- Section 19-1-11 Chapter not retroactive.
- Section 19-1-12 Cases not provided for in chapter.
- Section 19-1-13 Uniformity of interpretation.
- Section 19-1-2 Definitions.
- Section 19-1-3 Application of payments made to fiduciaries.
- Section 19-1-4 Transfer of negotiable instrument by fiduciary.
- Section 19-1-5 Check drawn by fiduciary payable to third person.
- Section 19-1-6 Check drawn by and payable to fiduciary.
- Section 19-1-7 Deposit in name of fiduciary as such.
- Section 19-1-8 Deposit in name of principal.
- Section 19-1-9 Deposit in fiduciary's personal account.
- Chapter 2 — FIDUCIARIES IN WAR SERVICE.
- Chapter 3 — TRUSTS.
- Section 19-3-1 Express trust for support, maintenance and education of relative; qualified trust under Internal Revenue Code; definitions.
- Section 19-3-10 Conversion or exchange, etc., of securities upon merger, consolidation, etc.
- Section 19-3-100 When trust estate may become liable.
- Section 19-3-101 Petition to enforce liability - Filing; substitution of parties.
- Section 19-3-102 Petition to enforce liability - Judgment charging estate.
- Section 19-3-103 Petition to enforce liability - Pending action for administration.
- Section 19-3-104 Petition to enforce liability - Charging real property.
- Section 19-3-105 Misapplication of assets.
- Section 19-3-106 Tracing misapplied assets.
- Section 19-3-107 Framing relief so as to render trust effectual.
- Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held by fiduciary.
- Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes.
- Section 19-3-120.1 Investments in common trusts, collective investment funds, and interests of investment companies and trusts.
- Section 19-3-120.2 Standards for fiduciary investment and management.
- Section 19-3-121 Interest-bearing warrants.
- Section 19-3-122 Securities issued or insured by secretary of housing and urban development.
- Section 19-3-123 Mortgages insured by secretary of housing and urban development - Investment.
- Section 19-3-124 Mortgages insured by secretary of housing and urban development - Sale, etc.
- Section 19-3-125 Life, endowment, or annuity contracts.
- Section 19-3-126 Tax anticipation bonds, etc., of certain counties.
- Section 19-3-127 Bonds of Tennessee Valley Authority.
- Section 19-3-128 Debts incurred under National Housing Act and under acts of Congress relating to veterans' benefits.
- Section 19-3-129 General rules of law govern trustee's liability.
- Section 19-3-130 Investment outside state.
- Section 19-3-131 Petition to obtain authority; notice.
- Section 19-3-132 Judgment on hearing.
- Section 19-3-150 "Fiduciary" defined.
- Section 19-3-151 Right of fiduciary to participate in partnership; liability of fiduciary, estate and beneficial owners.
- Section 19-3-152 Power of fiduciary to limit liability of estate or himself.
- Section 19-3-170 Partition of freehold devised with contingent interest.
- Section 19-3-171 Sale of land held under trust deed.
- Section 19-3-172 Sale of land devised and held in trust.
- Section 19-3-173 Investment of proceeds of sale.
- Section 19-3-190 Power of circuit court to authorize removal of trust estate.
- Section 19-3-191 Petition to obtain removal; notice.
- Section 19-3-192 Judgment on hearing.
- Section 19-3-2 Extinguishment of trust.
- Section 19-3-20 Right of creditors to apply for order requiring trustee to give bond.
- Section 19-3-21 Contents of application; notice of hearing.
- Section 19-3-210 Resignation.
- Section 19-3-211 Removal - Grounds.
- Section 19-3-212 Removal - Appointment of successor.
- Section 19-3-22 Hearing; order.
- Section 19-3-23 Failure of trustee to give bond; appointment of successor.
- Section 19-3-230 Application to appoint trustee.
- Section 19-3-231 Notice of hearing.
- Section 19-3-232 Appointment of trustee.
- Section 19-3-233 Bond.
- Section 19-3-234 Fees of register or clerk.
- Section 19-3-24 Duty of trustee to make inventory; filing of copies; supplemental inventories.
- Section 19-3-25 Appointment and duties of appraisers.
- Section 19-3-250 Power of circuit court to fill vacancy.
- Section 19-3-251 When circuit court must appoint new trustee; number of new trustees.
- Section 19-3-252 Survivorship between cotrustees.
- Section 19-3-253 Representative of deceased sole trustee to settle with succeeding trustee.
- Section 19-3-26 When petition for administration may be filed; contents of petition.
- Section 19-3-27 Submission of petition to circuit judge; order designating time for presenting claims.
- Section 19-3-270 Definitions.
- Section 19-3-271 Applicability of article; powers of settlor.
- Section 19-3-272 Income and principal; disposition.
- Section 19-3-273 Apportionment of income.
- Section 19-3-274 Corporate dividends and share rights.
- Section 19-3-275 Premium and discount obligations.
- Section 19-3-276 Principal used in business.
- Section 19-3-277 Principal comprising animals.
- Section 19-3-278 Disposition of natural resources.
- Section 19-3-279 Principal subject to depletion.
- Section 19-3-28 Notice to creditors.
- Section 19-3-280 Unproductive estate.
- Section 19-3-281 Expenses — Trust estates.
- Section 19-3-282 Expenses — Nontrust estates.
- Section 19-3-29 Presentation of claims; verification; receipt.
- Section 19-3-3 Estate of trustee; termination of trust estate.
- Section 19-3-30 Claims docket.
- Section 19-3-300 Trustee not to engage in certain acts subjecting trust to federal taxation.
- Section 19-3-301 Power to amend trust instrument.
- Section 19-3-302 Rights and powers of courts and Attorney General not impaired.
- Section 19-3-303 Future provisions of federal internal revenue laws included.
- Section 19-3-31 Claims presented and not objected to stand allowed.
- Section 19-3-32 Objections to claims - Filing of objections.
- Section 19-3-320 Definitions.
- Section 19-3-321 Trustee allowed to perform prudent person actions without prior court authorization.
- Section 19-3-322 Powers of trustee.
- Section 19-3-323 Termination of small trusts where continued administration too costly; actions by trustee to carry out trust purpose.
- Section 19-3-324 Actions trustee who is also beneficiary may not perform; powers of person who has right to remove trustee; parties in interest.
- Section 19-3-325 Concurrence of all co-trustees required.
- Section 19-3-326 Payment out of trust estate of expenses of trustee in defending or prosecuting proceedings in good faith.
- Section 19-3-327 Applicability of article.
- Section 19-3-328 Construction of article.
- Section 19-3-33 Objections to claims - Time for hearing; notice.
- Section 19-3-34 Objections to claims - Conduct of hearing; order allowing or disallowing claim.
- Section 19-3-35 Duty of trustee to render account.
- Section 19-3-36 Time for settlement; notice to creditors.
- Section 19-3-37 Examination and auditing of account; judgment.
- Section 19-3-38 Admissibility of evidence at hearings; exceptions; appeals.
- Section 19-3-39 Compromise or sale of bad debts.
- Section 19-3-4 Indemnification of trustee.
- Section 19-3-40 Sale of real estate; notice to creditors.
- Section 19-3-41 When settlements compelled; removal of trustee and appointment of successor.
- Section 19-3-5 Notice of settlement.
- Section 19-3-6 Allowance of fees.
- Section 19-3-60 Definition of "business trust."
- Section 19-3-61 Establishment; lawful purposes.
- Section 19-3-62 Powers and liabilities of trustees; liability of trust for acts of trustees.
- Section 19-3-63 Certificates of ownership; liability of beneficial owners.
- Section 19-3-64 Contents and recordation of declaration of trust.
- Section 19-3-65 Duration of business trust; rules against perpetuities and restraint of alienation not violated.
- Section 19-3-66 Suits against trust; property subject to attachment and execution.
- Section 19-3-67 Taxation.
- Section 19-3-7 Registration of securities held by corporate fiduciary in name of nominee of such fiduciary.
- Section 19-3-8 Execution of proxies by fiduciary holding corporate stocks.
- Section 19-3-80 "Fiduciary funds" defined.
- Section 19-3-81 Fiduciary funds in hands of register, probate judge, sheriff, and clerk to be reported.
- Section 19-3-82 Filing of reports of clerk and register.
- Section 19-3-83 Filing of sheriff's report.
- Section 19-3-84 Reports to be open to public.
- Section 19-3-85 Filing and recordation of probate judge's report.
- Section 19-3-86 Enforcement.
- Section 19-3-87 Unclaimed funds.
- Section 19-3-9 Satisfaction of pecuniary gifts by distribution of property in kind.
- Chapter 3A — Alabama Principal and Income Act.
- Section 19-3A-101 Short title.
- Section 19-3A-102 Definitions.
- Section 19-3A-103 Fiduciary duties; general principles.
- Section 19-3A-104 Trustee's power to adjust.
- Section 19-3A-201 Determination and distribution of net income.
- Section 19-3A-202 Distribution to residuary and remainder beneficiaries.
- Section 19-3A-301 When right to income begins and ends.
- Section 19-3A-302 Apportionment of receipts and disbursements upon decedent's death or when income interest begins.
- Section 19-3A-303 Apportionment when income interest ends.
- Section 19-3A-401 Character of receipts.
- Section 19-3A-402 Distributions from trust or decedent's estate.
- Section 19-3A-403 Business and other activities conducted by fiduciary.
- Section 19-3A-404 Principal receipts.
- Section 19-3A-405 Rental property.
- Section 19-3A-406 Bonds and other obligations.
- Section 19-3A-407 Insurance policies and similar contracts.
- Section 19-3A-408 Insubstantial allocations not required.
- Section 19-3A-409 Deferred compensation, annuities, and similar payments.
- Section 19-3A-410 Liquidating assets.
- Section 19-3A-411 Minerals, water, and other natural resources.
- Section 19-3A-412 Timber.
- Section 19-3A-413 Property not productive of income.
- Section 19-3A-414 Derivative instruments and options.
- Section 19-3A-415 Asset-backed securities.
- Section 19-3A-501 Disbursements from income.
- Section 19-3A-502 Disbursements from principal.
- Section 19-3A-503 Transfers from income to principal for depreciation.
- Section 19-3A-504 Transfers from income to reimburse principal.
- Section 19-3A-505 Income taxes.
- Section 19-3A-506 Adjustments between principal and income because of taxes.
- Section 19-3A-601 Uniformity of application and construction.
- Section 19-3A-602 Severability clause.
- Section 19-3A-603 Effective date.
- Section 19-3A-604 Application to existing trusts and estates.
- Section 19-3A-605 Consent of beneficiaries.
- Section 19-3A-606 Applicability to tenant and remainder interests.
- Chapter 3B — ALABAMA UNIFORM TRUST CODE.
- Section 19-3B-1001 Remedies for breach of trust.
- Section 19-3B-1002 Damages for breach of trust.
- Section 19-3B-1003 Damages in absence of breach.
- Section 19-3B-1004 Reserved.
- Section 19-3B-1005 Limitation of action against trustee.
- Section 19-3B-1006 Reliance on trust instrument.
- Section 19-3B-1007 Event affecting administration or distribution.
- Section 19-3B-1008 Exculpation of trustee.
- Section 19-3B-1009 Beneficiary's consent, release, or ratification.
- Section 19-3B-101 Short title.
- Section 19-3B-1010 Limitation on personal liability of trustee.
- Section 19-3B-1011 Interest as general partner.
- Section 19-3B-1012 Protection of person dealing with trustee.
- Section 19-3B-1013 Certification of trust.
- Section 19-3B-102 Scope.
- Section 19-3B-103 Definitions.
- Section 19-3B-104 Knowledge.
- Section 19-3B-105 Default and mandatory rules.
- Section 19-3B-106 Common law of trusts; principles of equity.
- Section 19-3B-107 Governing law.
- Section 19-3B-108 Principal place of administration.
- Section 19-3B-109 Methods and waiver of notice.
- Section 19-3B-110 Others treated as qualified beneficiaries.
- Section 19-3B-1101 Protection of special needs trusts and other similar trusts for disabled persons.
- Section 19-3B-111 Nonjudicial settlement agreements.
- Section 19-3B-112 Rules of construction.
- Section 19-3B-1201 Uniformity of application and construction.
- Section 19-3B-1202 Electronic records and signatures.
- Section 19-3B-1203 Severability clause.
- Section 19-3B-1204 Application to existing relationships.
- Section 19-3B-1301 Trust concerning lands required to be in writing.
- Section 19-3B-1302 Trust void as to creditors or purchasers without notice.
- Section 19-3B-1303 Trust estate not descendible upon death of trustee.
- Section 19-3B-1304 Trusts for employees or self-employed persons.
- Section 19-3B-1305 Trusts consisting of insurance policies or proceeds.
- Section 19-3B-201 Role of court in administration of trust.
- Section 19-3B-202 Jurisdiction over trustee and beneficiary.
- Section 19-3B-203 Subject matter jurisdiction.
- Section 19-3B-204 Venue.
- Section 19-3B-205 Judicial accountings and settlements.
- Section 19-3B-301 Representation: Basic effect.
- Section 19-3B-302 Representation by holder of power of appointment.
- Section 19-3B-303 Representation by fiduciaries and ancestors.
- Section 19-3B-304 Representation by person having substantially identical interest.
- Section 19-3B-305 Appointment of representative.
- Section 19-3B-401 Methods of creating trust.
- Section 19-3B-402 Requirements for creation.
- Section 19-3B-403 Trusts created in other jurisdictions.
- Section 19-3B-404 Trust purposes.
- Section 19-3B-405 Charitable purposes; enforcement.
- Section 19-3B-406 Creation of trust induced by fraud, duress, or undue influence.
- Section 19-3B-407 Evidence of oral trust.
- Section 19-3B-408 Trust for care of animal.
- Section 19-3B-409 Noncharitable trust without ascertainable beneficiary.
- Section 19-3B-410 Modification or termination of trust; proceedings for approval or disapproval.
- Section 19-3B-411 Modification or termination of noncharitable irrevocable trust by consent.
- Section 19-3B-412 Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
- Section 19-3B-413 Cy pres.
- Section 19-3B-414 Modification or termination of uneconomic trust.
- Section 19-3B-415 Reformation to correct mistakes.
- Section 19-3B-416 Modification to achieve settlor's tax objectives.
- Section 19-3B-417 Combination and division of trusts.
- Section 19-3B-501 Rights of beneficiary's creditor or assignee.
- Section 19-3B-502 Spendthrift provision.
- Section 19-3B-503 Exceptions to spendthrift provision.
- Section 19-3B-504 Discretionary trusts; effect of standard.
- Section 19-3B-505 Creditor's claim against settlor.
- Section 19-3B-506 Overdue distribution.
- Section 19-3B-507 Personal obligations of trustee.
- Section 19-3B-508 Qualified trusts under the Internal Revenue Code.
- Section 19-3B-601 Capacity of settlor of revocable trust.
- Section 19-3B-602 Revocation or amendment of revocable trust.
- Section 19-3B-603 Settlor's powers; powers of withdrawal.
- Section 19-3B-604 Limitation on action contesting validity of revocable trust; distribution of trust property.
- Section 19-3B-701 Accepting or declining trusteeship.
- Section 19-3B-702 Trustee's bond.
- Section 19-3B-703 Co-trustees.
- Section 19-3B-704 Vacancy in trusteeship; appointment of successor.
- Section 19-3B-705 Resignation of trustee.
- Section 19-3B-706 Removal of trustee.
- Section 19-3B-707 Delivery of property by former trustee.
- Section 19-3B-708 Compensation of trustee.
- Section 19-3B-709 Reimbursement of expenses.
- Section 19-3B-801 Duty to administer trust.
- Section 19-3B-802 Duty of loyalty.
- Section 19-3B-803 Impartiality.
- Section 19-3B-804 Prudent administration.
- Section 19-3B-805 Costs of administration.
- Section 19-3B-806 Trustee's skills.
- Section 19-3B-807 Delegation by trustee.
- Section 19-3B-808 Powers to direct.
- Section 19-3B-809 Control and protection of trust property.
- Section 19-3B-810 Recordkeeping and identification of trust property.
- Section 19-3B-811 Enforcement and defense of claims.
- Section 19-3B-812 Collecting trust property.
- Section 19-3B-813 Duty to inform and report.
- Section 19-3B-814 Discretionary powers; tax savings.
- Section 19-3B-815 General powers of trustee.
- Section 19-3B-816 Specific powers of trustee.
- Section 19-3B-817 Distribution upon termination.
- Section 19-3B-818 Life insurance policies held by trustee.
- Section 19-3B-901 Prudent investor rule.
- Section 19-3B-902 Standard of care; portfolio strategy; risk and return objectives.
- Section 19-3B-903 Diversification.
- Section 19-3B-904 Duties at inception of trusteeship.
- Section 19-3B-905 Reviewing compliance.
- Section 19-3B-906 Language invoking standard of prudent investor rule.
- Chapter 3C — ALABAMA UNIFORM PRUDENT MANAGEMENT OF INDUSTRIAL FUNDS ACT.
- Section 19-3C-1 Short title.
- Section 19-3C-10 Uniformity of application and construction.
- Section 19-3C-2 Definitions.
- Section 19-3C-3 Standard of conduct in managing and investing institutional funds.
- Section 19-3C-4 Appropriation for expenditure or accumulation of endowment fund; rules of construction.
- Section 19-3C-5 Delegation of management and investment functions.
- Section 19-3C-6 Release or modification of restrictions on management, investment, or purpose.
- Section 19-3C-7 Reviewing compliance.
- Section 19-3C-8 Application to existing institutional funds.
- Section 19-3C-9 Relation to Electronic Signatures in Global and National Commerce Act.
- Chapter 4 — SECURITIES HELD BY FIDUCIARIES.
- Section 19-4-1 Definitions.
- Section 19-4-2 Deposit of securities authorized; merger, etc., of certificates representing securities; transfer of ownership, etc., of securities; maintenance of records by fiduciary; rules and regul
- Section 19-4-20 Definitions.
- Section 19-4-21 Holding in bulk of securities constituting assets of different fiduciary accounts authorized; registration of securities; maintenance of records as to fiduciary accounts; rules and reg
- Section 19-4-22 Applicability of provisions of article.
- Section 19-4-3 Applicability of provisions of article.
- Section 19-4-40 Definitions.
- 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 g
- Section 19-4-42 Applicability of provisions of article.
- Chapter 4A — IDLE FUNDS IN FIDUCIARY ACCOUNTS.
- Section 19-4A-1 Idle funds defined.
- Section 19-4A-2 Investment in accordance with terms of governing document.
- Section 19-4A-3 Short-term investment vehicle.
- Section 19-4A-4 Reasonable rate of return; considerations.
- Section 19-4A-5 Investment in timely manner; no obligation to invest funds less than $1,000.
- Section 19-4A-6 Compensation.
- Section 19-4A-7 Applicability.
- Chapter 5 — PRECLUSION OR MINIMIZATION OF GENERATION-SKIPPING TAX.
- Section 19-5-1 Definitions.
- Section 19-5-10 Fiduciary not liable for acts in good faith.
- Section 19-5-11 Applicability of chapter.
- Section 19-5-12 Chapter effective as to transfers in trust, etc., on and after January 1, 1987.
- Section 19-5-2 Allocation of GST exemption.
- Section 19-5-3 Division of trust to which GST exemption allocated into separate trusts for exempt and nonexempt property.
- Section 19-5-4 Separate trusts for property transferred, etc., from another trust in order to preclude or minimize GST.
- 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 spo
- 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; p
- Section 19-5-7 Allocation of distributions from separate trusts.
- Section 19-5-8 Purpose of chapter.
- Section 19-5-9 Exercise of authority by fiduciary.