reglab/housing_qa huggingface dataset:
AL Code § 19-3B-704 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-704 - Vacancy in Trusteeship; Appointment of Successor.

Section 19-3B-704Vacancy in trusteeship; appointment of successor. (a) A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a guardian or conservator is appointed for an individual serving as trustee. (b) If one or more co-trustees remain in office, then a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee. (c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person appointed by unanimous agreement of the adult qualified beneficiaries and any entity which is a qualified beneficiary; or (3) by a person appointed by the court. (d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; or (3) by a person appointed by the court. (e) A vacancy in a trusteeship of a trust that is both noncharitable and charitable and that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person appointed by unanimous agreement of the adult qualified beneficiaries, any entity which is a qualified beneficiary and the charitable organizations expressly designated to receive distributions under the terms of the trust; or (3) by a person appointed by the court. (f) If a person is acting as the sole trustee of a trust and if there is no provision in the trust for a successor trustee, then the sole trustee and the adult qualified beneficiaries, by unanimous written agreement, may designate a successor trustee, which shall become trustee of the trust upon the vacancy in the trusteeship. The agreement may be recorded in the probate court or filed in the records of the trust. (g) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-705 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-705 - Resignation of Trustee.

Section 19-3B-705Resignation of trustee. (a) A trustee may resign: (1) upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or (2) with the approval of the court. (b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-706 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-706 - Removal of Trustee.

Section 19-3B-706Removal of trustee. (a) The settlor, a co-trustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among co-trustees substantially impairs the administration of the trust; (3) because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or (4)(A) there has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries; (B) the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust; and (C) a suitable co-trustee or successor trustee is available.  (c) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under Section 19-3B-1001(b) as may be necessary to protect the trust property or the interests of the beneficiaries. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-707 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-707 - Delivery of Property by Former Trustee.

Section 19-3B-707Delivery of property by former trustee. (a) Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has: (1) the duties of a trustee; and (2) the powers necessary to protect the trust property. (b) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee, or other person entitled to it. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-708 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-708 - Compensation of Trustee.

Section 19-3B-708Compensation of trustee. (a) If the terms of a trust do not specify the trustee's compensation, then a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee's compensation, the trustee has entered into a written fee agreement with the settlor, or the trustee has entered into a written fee agreement with the adult current permissible distributees of income and, in the event the trustee's compensation is allocated to principal, the adult presumptive remainder beneficiaries of the trust, then the trustee is entitled to be compensated as specified in the applicable agreement, but the court may allow more or less compensation if: (1) the duties of the trustee are substantially different from those contemplated when the trust was created or when the applicable agreement was executed; or (2) the compensation specified by the terms of the trust or the applicable agreement would be unreasonably low or high. (c) A trustee who invests in any common trust fund or other collective investment fund maintained by any regulated financial institution, or securities of, or other interests in any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, as from time to time amended, to which the trustee, or its affiliate, provides services such as investment advisor, sponsor, distributor, custodian, transfer agent, registrar, broker, or otherwise, may be compensated by the investment company or investment trust for providing those services out of fees charged to the investment company or the investment trust or to the trust, if the trustee at least annually notifies the persons entitled under Section 19-3B-813(a) to receive a copy of the trustee's annual report, prospectus, or other report, of the rate and method by which the compensation was determined. (d) Compensation paid to a business entity affiliated with the trustee shall be presumed to be reasonable if the compensation is consistent with the published fee schedule maintained by the affiliated business entity in the ordinary course of business. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-709 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-709 - Reimbursement of Expenses.

Section 19-3B-709Reimbursement of expenses. (a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate for: (1) expenses that were properly incurred in the administration of the trust, including the defense or prosecution of any action, whether successful or not, unless the trustee is determined to have willfully or wantonly committed a material breach of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. (b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-801 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-801 - Duty to Administer Trust.

Section 19-3B-801Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with the terms of the trust and its purposes and the interests of the beneficiaries, and in accordance with this chapter. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-803 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-803 - Impartiality.

Section 19-3B-803Impartiality. If a trust has two or more beneficiaries, then the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests and the purposes of the trust. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-804 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-804 - Prudent Administration.

Section 19-3B-804Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-805 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-805 - Costs of Administration.

Section 19-3B-805Costs of administration. In administering a trust, the trustee may incur costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-806 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-806 - Trustee's Skills.

Section 19-3B-806Trustee's skills. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-807 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-807 - Delegation by Trustee.

Section 19-3B-807Delegation by trustee. (a) A trustee may delegate duties and powers that a prudent trustee could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. (b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care, skill, and caution to comply with the terms of the delegation. (c) A trustee who complies with subsection (a) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated. (d) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-808 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-808 - Powers to Direct.

Section 19-3B-808Powers to direct. (a) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. (b) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, then the trustee shall act in accordance with an exercise of the power unless the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person holding the power owes to the beneficiaries of the trust. (c) The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust. (d) A person, other than a beneficiary, who holds a power to direct is presumptively a fiduciary who, as such, is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-809 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-809 - Control and Protection of Trust Property.

Section 19-3B-809Control and protection of trust property.  A trustee shall take reasonable steps to take control of and protect the trust property. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-810 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-810 - Recordkeeping and Identification of Trust Property.

Section 19-3B-810Recordkeeping and identification of trust property. (a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's own property. (c) Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary. (d) If the trustee maintains records clearly indicating the respective interests, then a trustee may invest as a whole the property of two or more separate trusts. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-811 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-811 - Enforcement and Defense of Claims.

Section 19-3B-811Enforcement and defense of claims. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-812 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-812 - Collecting Trust Property.

Section 19-3B-812Collecting trust property. A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a former trustee. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-814 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-814 - Discretionary Powers; Tax Savings.

Section 19-3B-814Discretionary powers; tax savings. (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole," or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries. (b) Subject to subsection (d), and unless the terms of the trust expressly indicate that a rule in this subsection does not apply: (1) a person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and  (2) a trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person. (c) A power whose exercise is limited or prohibited by subsection (b) may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, then the court may appoint a special fiduciary with authority to exercise the power. (d) Subsection (b) does not apply to: (1) a power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in Section 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later amended, was previously allowed; (2) any trust during any period that the trust may be revoked or amended by its settlor; or (3) a trust if contributions to the trust qualify for the annual exclusion under Section 2503(c) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later amended. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-815 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-815 - General Powers of Trustee.

Section 19-3B-815General powers of trustee. (a) A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (A) all powers over the trust property which an unmarried competent owner has over individually owned property; (B) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and (C) any other powers conferred by this chapter. (b) The exercise of a power is subject to the fiduciary duties prescribed by this article. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-817 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-817 - Distribution Upon Termination.

Section 19-3B-817Distribution upon termination. (a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection. (b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes. (c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent: (1) it was induced by improper conduct of the trustee; or (2) the beneficiary, at the time of the release, did not know of the material facts relating to the alleged breach and the trustee had actual knowledge of the facts relating to the alleged breach. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-818 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-818 - Life Insurance Policies Held by Trustee.

Section 19-3B-818Life insurance policies held by trustee. A trustee may retain any life insurance policy contributed to a trust by a settlor, or purchased by the trustee upon the request of the settlor, as an asset of the trust without regard to any lack of diversification caused thereby and without regard to the terms and conditions of the life insurance policy. The trustee shall not be liable for lack of diversification to any beneficiary of a trust for the trustee's retention of the life insurance policy. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-901 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-901 - Prudent Investor Rule.

Section 19-3B-901Prudent investor rule. (a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article. (b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the terms of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the terms of the trust. (Act 2006-216, p. 314, §1.)
AL Code § 19-3B-902 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-902 - Standard of Care; Portfolio Strategy; Risk and Return Objectives.

Section 19-3B-902Standard of care; portfolio strategy; risk and return objectives. (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust. (c) Among circumstances that a trustee may consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries: (1) general economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions or strategies; (4) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) the expected total return from income and the appreciation of capital; (6) other resources of the beneficiaries; (7) needs for liquidity, regularity of income, and preservation or appreciation of capital; (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries; (9) the size of the portfolio; and (10) the purposes and estimated duration of the trust. (d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets. (e) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter. Nothing contained in this section, insofar as such authorization may be prohibited by the Constitution of Alabama of 1901, shall authorize the investment of trust assets in the stock of any private corporation. (Act 2006-216, p. 314, §1.)