2006 Alabama Code - Chapter 3 — TRUSTS.
Article 1 General Provisions.
- Section 19-3-1 — Express trust for support, maintenance and education of relative; qualified trust under Internal Revenue Code; definitions.
- Section 19-3-2 — Extinguishment of trust.
- Section 19-3-3 — Estate of trustee; termination of trust estate.
- Section 19-3-4 — Indemnification of trustee.
- Section 19-3-5 — Notice of settlement.
- Section 19-3-6 — Allowance of fees.
- 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 19-3-9 — Satisfaction of pecuniary gifts by distribution of property in kind.
- Section 19-3-10 — Conversion or exchange, etc., of securities upon merger, consolidation, etc.
- Section 19-3-11 — Powers of fiduciaries regarding environmental laws affecting property held by fiduciary.
Article 2 Express Trusts for Payment or Security of Debts.
- 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 19-3-22 — Hearing; order.
- Section 19-3-23 — Failure of trustee to give bond; appointment of successor.
- 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 19-3-26 — 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 19-3-29 — Presentation of claims; verification; receipt.
- Section 19-3-28 — Notice to creditors.
- Section 19-3-30 — Claims docket.
- Section 19-3-31 — Claims presented and not objected to stand allowed.
- Section 19-3-32 — Objections to claims - Filing of objections.
- Section 19-3-33 — 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 19-3-40 — Sale of real estate; notice to creditors.
- Section 19-3-41 — When settlements compelled; removal of trustee and appointment of successor.
Article 3 Business Trusts.
- 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.
Article 4 Fiduciary Funds in Hands of Officials.
- 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.
Article 5 Liability of Trust Estate and Remedy for Enforcing.
- 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.
Article 6 Investment of Trust Estate.
- 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.
Article 7 Participation in Partnerships.
- 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.
Article 8 Partition or Sale of Real or Personal Property.
- 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.
Article 9 Removal of Trust Estate to Another State.
- 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.
Article 10 Appointment, Resignation and Removal of Trustees.
- Section 19-3-210 — Resignation.
- Section 19-3-211 — Removal - Grounds.
- Section 19-3-212 — Removal - 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.
Article 11 Succession or Appointment of New Trustees.
- 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.
Article 12 Principal and Income.
- 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 19-3-280 — Unproductive estate.
- Section 19-3-281 — Expenses — Trust estates.
- Section 19-3-282 — Expenses — Nontrust estates.
Article 13 Private Foundations, Charitable Trusts and Split-interest Trusts.
- 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.
Article 14 Actions of Trustees of Express Trusts.
- 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.
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