2006 Alabama Code - Chapter 3A — Alabama Principal and Income Act.
Article 1 Definitions and Fiduciary Duties.
- 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.
Article 2 Decedent's Estate or Terminating Income Interest.
- Section 19-3A-201 — Determination and distribution of net income.
- Section 19-3A-202 — Distribution to residuary and remainder beneficiaries.
Article 3 Apportionment at Beginning and End of Income Interest.
- 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.
Article 4 Allocation of Receipts During Administration.
- 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-415 — Asset-backed securities.
- Section 19-3A-414 — Derivative instruments and options.
Article 5 Allocation of Disbursements During Administration of Trust or Decendent's Estate.
- 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.
Article 6 Miscellaneous Provisions.
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