reglab/housing_qa huggingface dataset:
AL Code § 35-4A-2 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-2 - Statutory Rule Against Perpetuities.

Section 35-4A-2Statutory rule against perpetuities.  (a) A nonvested property interest is invalid unless: (1) when the interest is created, it is certain to vest or terminate no later than 21 years after the death of an individual then alive; or (2) the interest either vests or terminates within 100 years after its creation. (b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless: (1) when the power is created, the condition precedent is certain to be satisfied or becomes impossible to satisfy no later than 21 years after the death of an individual then alive; or (2) the condition precedent either is satisfied or becomes impossible to satisfy within 100 years after its creation. (c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless: (1) when the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than 21 years after the death of an individual then alive; or (2) the power is irrevocably exercised or otherwise terminates within 100 years after its creation. (d) In determining whether a nonvested property interest or a power of appointment is valid under subsection (a)(1), (b)(1), or (c)(1), the possibility that a child will be born to an individual after the individual's death is disregarded. (e) If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument (i) seeks to disallow the vesting or termination of any interest or trust beyond, (ii) seeks to postpone the vesting or termination of any interest or trust until, or (iii) seeks to operate in effect in any similar fashion upon, the later of (A) the expiration of a period of time not exceeding 21 years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (B) the expiration of a period of time that exceeds or might exceed 21 years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds 21 years after the death of the survivor of the specified lives. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-3 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-3 - When Nonvested Property Interest or Power of Appointment Created.

Section 35-4A-3When nonvested property interest or power of appointment created.  (a) Except as provided in subsections (b), (c), and (d) and in Section 35-4A-5, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (b) For purposes of this chapter, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in Section 35-4A-2(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. (c) For purposes of this chapter, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created. (d) For purposes of this chapter, if a nongeneral or testamentary power of appointment is exercised to create another nongeneral or testamentary power of appointment, every nonvested property interest or power of appointment created through the exercise of such other nongeneral or testamentary power is considered to have been created at the time of the creation of the first nongeneral or testamentary power of appointment. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-4 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-4 - Reformation.

Section 35-4A-4Reformation.  Upon the petition of an interested person, a circuit court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the 100 years allowed by Section 35-4A-2(a)(2), (b)(2), or (c)(2) or the 360 years allowed by Section 35-4A-5(9) if: (1) a nonvested property interest or a power of appointment becomes invalid under Section 35-4A-2 (statutory rule against perpetuities); (2) a class gift is not but might become invalid under Section 35-4A-2 (statutory rule against perpetuities) and the time has arrived when the share of any class member is to take effect in possession or enjoyment; or (3) a nonvested property interest that is not validated by Section 35-4A-2(a)(1) can vest but not within 100 years after its creation or in the case of a trust which meets the requirements of Section 35-4A-5(9), 360 years of its creation. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-5 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-5 - Exclusions From Statutory Rule Against Perpetuities.

Section 35-4A-5Exclusions from statutory rule against perpetuities.  Section 35-4A-2, the statutory rule against perpetuities, does not apply to: (1) a nonvested property interest or a power of appointment arising out of a nondonative transfer, except a nonvested property interest or a power of appointment arising out of (i) a premarital or postmarital agreement, (ii) a separation or divorce settlement, (iii) a spouse's election, (iv) a similar arrangement arising out of a prospective, existing, or previous marital relationship between the parties, (v) a contract to make or not to revoke a will or trust, (vi) a contract to exercise or not to exercise a power of appointment, (vii) a transfer in satisfaction of a duty of support, or (viii) a reciprocal transfer; (2) a fiduciary's power relating to the administration or management of assets, including the power of a fiduciary to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income; (3) a power to appoint a fiduciary; (4) a discretionary power of a trustee to distribute principal before termination of a trust to a beneficiary having an indefeasibly vested interest in the income and principal; (5) a nonvested property interest held by a charity, government, or governmental agency or subdivision, if the nonvested property interest is preceded by an interest held by another charity, government, or governmental agency or subdivision; (6) a nonvested property interest in a trust or other property arrangement, which trust or other property arrangement is exclusively for the benefit of one or more charities, governments, or governmental agencies or subdivisions;  (7) a nonvested property interest in or a power of appointment with respect to a trust or other property arrangement forming part of a pension, profit-sharing, stock bonus, health, disability, death benefit, income deferral, or other current or deferred benefit plan for one or more employees, independent contractors, or their beneficiaries or spouses, to which contributions are made for the purpose of distributing to or for the benefit of the participants or their beneficiaries or spouses the property, income, or principal in the trust or other property arrangement, except a nonvested property interest or a power of appointment that is created by an election of a participant or a beneficiary or spouse; (8) a property interest, power of appointment, or arrangement that was not subject to the common-law rule against perpetuities or is excluded by another statute of this state; or (9) a trust, (i) which on its terms does not exceed 360 years in duration, (ii) which is governed by the laws of this state, and (iii) the instrument governing which includes a power of the trustee to sell, lease, and mortgage all property held in trust. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-6 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-6 - Prospective Application.

Section 35-4A-6Prospective application. This chapter applies to a nonvested property interest or a power of appointment that is created on or after January 1, 2012. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-7 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-7 - Uniformity of Application and Construction.

Section 35-4A-7Uniformity of application and construction.  This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. (Act 2011-532, p. 880, §1.)
AL Code § 35-4A-8 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 4A - Alabama Uniform Statutory Rule Against Perpetuities.|Section 35-4A-8 - Relation to Common Law.

Section 35-4A-8Relation to common law.  This chapter supersedes the rule of the common law known as the rule against perpetuities. (Act 2011-532, p. 880, §1.)
AL Code § 35-5A-1 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-1 - Short Title.

Section 35-5A-1Short title. This chapter may be cited as the "Alabama Uniform Transfers to Minors Act." (Acts 1986, No. 86-453, p. 819, §24.)
AL Code § 35-5A-2 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-2 - Definitions.

Section 35-5A-2Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer's plan for the benefit of an employee or partner, or an individual retirement account. (3) BROKER. A person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. (4) CONSERVATOR. A person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. (5) COURT. Circuit court. (6) CUSTODIAL PROPERTY. a. Any interest in property transferred to a custodian under this chapter and b. The income from and proceeds of that interest in property. (7) CUSTODIAN. A person so designated under Section 35-5A-10 or a successor or substitute custodian designated under Section 35-5A-19. (8) FINANCIAL INSTITUTION. A bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law. (9) LEGAL REPRESENTATIVE. An individual's personal representative or conservator. (10) MEMBER OF THE MINOR'S FAMILY. The minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption. (11) MINOR. An individual who has not attained the age of 21 years. (12) PERSON. An individual, corporation, organization, or other legal entity. (13) PERSONAL REPRESENTATIVE. An executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. (14) STATE. Includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. (15) TRANSFER. A transaction that creates custodial property under Section 35-5A-10. (16) TRANSFEROR. A person who makes a transfer under this chapter. (17) TRUST COMPANY. A financial institution, corporation, or other legal entity, authorized to exercise general trust powers. (Acts 1986, No. 86-453, p. 819, §1.)
AL Code § 35-5A-3 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-3 - Transfers and Custodians to Which Chapter Applicable; Personal Jurisdiction Over Custodian; Transfers Made Under Law of Another State.

Section 35-5A-3Transfers and custodians to which chapter applicable; personal jurisdiction over custodian; transfers made under law of another state. (a) This chapter applies to a transfer that refers to this chapter in the designation under section 35-5A-10(a) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from this state. The custodianship so created remains subject to this chapter, even though the custodian so nominated subsequently declines to serve through renunciation or resignation. (b) A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship. (c) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state. (Acts 1986, No. 86-453, p. 819, §2.)
AL Code § 35-5A-4 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-4 - Nomination of Custodian.

Section 35-5A-4Nomination of custodian. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for ________ (name of minor) under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights. (b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under Section 35-5A-10(a). (c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under Section 35-5A-10. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to Section 35-5A-10. (Acts 1986, No. 86-453, p. 819, §3.)
AL Code § 35-5A-5 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-5 - Transfer by Gift or Exercise of Power of Appointment.

Section 35-5A-5Transfer by gift or exercise of power of appointment. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Section 35-5A-10. (Acts 1986, No. 86-453, p. 819, §4.)
AL Code § 35-5A-6 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-6 - Transfer by Will or Trust.

Section 35-5A-6Transfer by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to Section 35-5A-10 to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under Section 35-5A-4 to receive the custodial property, the transfer must be made to that person. (c) If the testator or settlor has not nominated a custodian under Section 35-5A-4, or all persons so nominated as custodian dies before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection (a) of Section 35-5A-10. (Acts 1986, No. 86-453, p. 819, §5.)
AL Code § 35-5A-7 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-7 - Other Transfer by Fiduciary.

Section 35-5A-7Other transfer by fiduciary. (a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to Section 35-5A-10, in the absence of a will or under a will or trust that does not contain an authorization to do so. (b) Subject to subsection (c), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Section 35-5A-10. (c) A transfer under subsection (a) or (b) may be made only if (1) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (3) transfers to a custodian for the benefit of a minor do not exceed $10,000 in aggregated value. (Acts 1986, No. 86-453, p. 819, §6.)
AL Code § 35-5A-8 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-8 - Transfer by Obligor.

Section 35-5A-8Transfer by obligor. (a) Subject to subsections (b) and (c), a person not subject to Section 35-5A-6 or 35-5A-7 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Section 35-5A-10. (b) If a person having the right to do so under Section 35-5A-4 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (c) If no custodian has been nominated under Section 35-5A-4, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds fifty thousand dollars ($50,000) in value. (Acts 1986, No. 86-453, p. 819, §7; Act 2013-250, p. 624, §1.)
AL Code § 35-5A-9 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-9 - Receipt and Discharge for Transfer of Custodial Property.

Section 35-5A-9Receipt and discharge for transfer of custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. An acknowledgment of delivery by a custodian, who believes in good faith that the transfer does not exceed the limitations on value prescribed in Sections 35-5A-7(c) and 35-5A-8(c), is a sufficient receipt and discharge in accordance with this section, even though the values may subsequently be determined to exceed the value limitations. (Acts 1986, No. 86-453, p. 819, §8.)
AL Code § 35-5A-11 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-11 - Transfer to Be for One Minor; Only One Custodian; Single Custodianship.

Section 35-5A-11Transfer to be for one minor; only one custodian; single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. (Acts 1986, No. 86-453, p. 819, §10.)
AL Code § 35-5A-12 (2021)
2021 Code of Alabama|Title 35 - Property.|Chapter 5A - Uniform Transfers to Minors Act.|Section 35-5A-12 - Validity of Transfer; Interest Conveyed; Rights of Custodian and Minor as to Property Transferred; Provisions of Chapter Incorporated in Transfer; Transfer Does Not Authorize Settlement or Release of Claims.

Section 35-5A-12Validity of transfer; interest conveyed; rights of custodian and minor as to property transferred; provisions of chapter incorporated in transfer; transfer does not authorize settlement or release of claims. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with section 35-5A-10(c) concerning possession and control; (2) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under section 35-5A-10(a); or (3) Death or incapacity of a person nominated under section 35-5A-4 or designated under section 35-5A-10 as custodian or the disclaimer of the office by that person. (b) A transfer made pursuant to section 35-5A-10 is irrevocable, and conveys to the minor indefeasibly vested title to the custodial property, but the custodian has the rights, powers, duties, and authority provided in this chapter, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this chapter. Neither the minor nor the minor's legal representative can transfer by assignment or otherwise custodial property. (c) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter. (d) Making a transfer to a custodian pursuant to this chapter does not authorize the custodian to settle or release a claim of the minor against the transferor or a third party. (Acts 1986, No. 86-453, p. 819, §11.)