2020 Code of Alabama
Title 19 - Fiduciaries and Trusts.
Chapter 3 - Trusts.
Article 3 - Business Trusts.
Section 19-3-63 - Certificates of Ownership; Liability of Beneficial Owners.

Universal Citation: AL Code § 19-3-63 (2020)

Section 19-3-63

Certificates of ownership; liability of beneficial owners.

The beneficial ownership in a business trust shall be evidenced by certificates issued by the trustees. These certificates shall be transferable in the same manner as stock certificates of a corporation are transferable. No assessment shall be made against the interest of any beneficial owner, and no beneficial owner shall be personally liable for any debts or liabilities incurred by the trustees or by the business trust.

(Acts 1961, Ex. Sess., No. 251, p. 2263, §4.)

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