There is a newer version of the Code of Alabama
2012 Code of Alabama
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.
- 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.
- 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 19-3-80 - "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 19-3-100 - 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 19-3-120 - 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.
Division 1 General Provisions.
- 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.
- 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 19-3-270 - 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.
- 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 19-3-320 - 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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