There is a newer version of the Code of Alabama
2009 Alabama Code
Title 19 — FIDUCIARIES AND TRUSTS.
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 19-3-28 Notice to creditors.
- Section 19-3-29 Presentation of claims; verification; receipt.
- 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. Repealed.
- 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.
- Division 1 General Provisions.
- Section 19-3-210 Resignation.
- Section 19-3-211 Removal - Grounds.
- Section 19-3-212 Removal - Appointment of successor.
- Division 2 Removal of Trust Estate From Another State.
- 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. Repealed.
- 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. Repealed.
- 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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