reglab/housing_qa huggingface dataset:
AL Code § 19-3B-1305 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3B - Alabama Uniform Trust Code.|Section 19-3B-1305 - Trusts Consisting of Insurance Policies or Proceeds.

Section 19-3B-1305Trusts consisting of insurance policies or proceeds. Trusts consisting solely of policies of life, health, accident, or disability insurance, or of the proceeds or avails thereof, shall for the purpose of determining whether any law against perpetuities or suspension of the power of alienation of title to property is applicable thereto be regarded as created when the liability of the insurer accrues by reason of the occurrence of the event insured against, whether or not a power to revoke the trust as to the policies was reserved during the life of the insured and whether or not any beneficial interest in the policies is alienable by the beneficiaries and whether or not the beneficiary or beneficiaries were in being at the time of the creation of the trust. (Acts 1949, No. 265, p. 389; §35-4-260; Act 2006-216, p. 314, §2.)
AL Code § 19-3C-1 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-1 - Short Title.

Section 19-3C-1Short title. This chapter may be cited as the Alabama Uniform Prudent Management of Institutional Funds Act. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-2 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-2 - Definitions.

Section 19-3C-2Definitions. In this chapter: (1) CHARITABLE PURPOSE means the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (2) ENDOWMENT FUND means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use. (3) GIFT INSTRUMENT means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. (4) INSTITUTION means: (A) a person, other than an individual, organized and operated exclusively for charitable purposes; (B) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; and (C) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. The term institution shall not include any bank, trust company, or other regulated financial institution. (5) INSTITUTIONAL FUND means a fund held by an institution exclusively for charitable purposes. The term does not include: (A) program-related assets; (B) a fund held for an institution by a trustee that is not an institution; or (C) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund. (6) PERSON means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. (7) PROGRAM-RELATED ASSET means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment. (8) RECORD means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-4 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-4 - Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction.

Section 19-3C-4Appropriation for expenditure or accumulation of endowment fund; rules of construction. (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors: (1) the duration and preservation of the endowment fund; (2) the purposes of the institution and the endowment fund; (3) general economic conditions; (4) the possible effect of inflation or deflation; (5) the expected total return from income and the appreciation of investments; (6) other resources of the institution; and (7) the investment policy of the institution. (b) To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation. (c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents, issues, or profits", or "to preserve the principal intact", or words of similar import: (1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and (2) do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a). (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-5 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-5 - Delegation of Management and Investment Functions.

Section 19-3C-5Delegation of management and investment functions. (a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation. (b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation. (c) Absent negligence, wantonness, recklessness, or deliberate misconduct, an institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated. (d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function. (e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this chapter. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-6 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-6 - Release or Modification of Restrictions on Management, Investment, or Purpose.

Section 19-3C-6Release or modification of restrictions on management, investment, or purpose. (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution. (b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall apply in the name of the institution to the circuit court of the county in which the principal activities of the institution are conducted, and shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention. (c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, wasteful, or if because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall apply in the name of the institution to the circuit court of the county in which the principal activities of the institution are conducted, and shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. (d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if: (1) the institutional fund subject to the restriction has a total value of less than fifty thousand dollars ($50,000); (2) more than 10 years have elapsed since the fund was established; and (3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-7 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-7 - Reviewing Compliance.

Section 19-3C-7Reviewing compliance. Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-8 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-8 - Application to Existing Institutional Funds.

Section 19-3C-8Application to existing institutional funds.  This chapter applies to institutional funds existing on or established after January 1, 2009. As applied to institutional funds existing on January 1, 2009, this chapter governs only decisions made or actions taken on or after that date. (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-9 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-9 - Relation to Electronic Signatures in Global and National Commerce Act.

Section 19-3C-9Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b). (Act 2008-276, p. 434, §2.)
AL Code § 19-3C-10 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act.|Section 19-3C-10 - Uniformity of Application and Construction.

Section 19-3C-10Uniformity of application and construction.  In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Act 2008-276, p. 434, §2.)
AL Code § 19-3D-1 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-1 - Short Title.

Section 19-3D-1THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  SHORT TITLE. This chapter may be cited as the Alabama Uniform Trust Decanting Act. (Act 2018-519, §1.)
AL Code § 19-3D-3 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-3 - Scope.

Section 19-3D-3THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  SCOPE. (a) Except as otherwise provided in subsections (b) and (c), this chapter applies to an express trust that is irrevocable, or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, laws of this state other than this chapter, common law, a court order, or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument. (Act 2018-519, §3.)
AL Code § 19-3D-4 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-4 - Fiduciary Duty.

Section 19-3D-4THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  FIDUCIARY DUTY. (a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. (b) This chapter does not create or imply a duty to consider or exercise the decanting power or to inform beneficiaries about the applicability of this chapter. (c) Except as otherwise provided in a first-trust instrument, for purposes of this chapter and Sections 19-3B-801 and 19-3B-802(a), the terms of the first trust are deemed to include the decanting power. (Act 2018-519, §4.)
AL Code § 19-3D-5 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-5 - Application; Governing Law.

Section 19-3D-5Application; governing law.  This chapter applies to a trust created before, on, or after January 1, 2019, which: (1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or (2) provides by its trust instrument that it is governed by the law of this state or is governed by the law of this state for the purpose of: (A) administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this state; (B) construction of terms of the trust; or (C) determining the meaning or effect of terms of the trust. (Act 2018-519, §5.)
AL Code § 19-3D-6 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-6 - Reasonable Reliance.

Section 19-3D-6THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  REASONABLE RELIANCE. A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this chapter, laws of this state other than this chapter, or the law of another jurisdiction is not liable to any person for any action or failure to act as a result of the reliance. (Act 2018-519, §6.)
AL Code § 19-3D-7 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-7 - Notice; Exercise of Decanting Power.

Section 19-3D-7Notice; exercise of decanting power. (a) In this section, a notice period begins on the day notice is given under subsection (c) and ends 59 days after the day notice is given. (b) Except as otherwise provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. (c) Except as otherwise provided in subsection (f), an authorized fiduciary shall not exercise the decanting power prior to 60 days after giving notice in a record of the intended exercise of the decanting power to: (1) each settlor of the first trust, if living or then in existence; (2) each qualified beneficiary of the first trust; (3) each holder of a presently exercisable power of appointment over any part or all of the first trust; (4) each person that currently has the right to remove or replace the authorized fiduciary; (5) each other fiduciary of the first trust; (6) each fiduciary of the second trust; and (7) the Attorney General, if Section 19-3D-14(b) applies. (d) An authorized fiduciary may give notice under subsection (c) to a qualified beneficiary who is a minor or incapacitated individual by giving notice to such individual's representative. An authorized fiduciary is not required to give notice under subsection (c) to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence. (e) A notice under subsection (c) must: (1) specify the manner in which the authorized fiduciary intends to exercise the decanting power; (2) specify the proposed effective date for exercise of the power; (3) include a copy of the first-trust instrument; (4) include a copy of all second-trust instruments; (5) include a statement indicating the capacity in which the intended recipient is being given notice; and (6) include a statement that any application under Section 19-3D-9 must be filed within six months from the day notice is given. (f) The decanting power may be exercised before expiration of the notice period under subsection (a) if all persons entitled to receive notice waive the period in a signed record. (g) The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file an application under Section 19-3D-9. (h) An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under subsection (c) if the authorized fiduciary acted with reasonable care to comply with subsection (c). (Act 2018-519, §7; Act 2021-143, §1.)
AL Code § 19-3D-8 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-8 - Representation.

Section 19-3D-8THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  REPRESENTATION. (a) Notice to a person with authority to represent and bind another person under a first-trust instrument or Chapter 3B (commencing with Section 19-3B-101) of this title, has the same effect as notice given directly to the person represented. (b) Consent of or waiver by a person with authority to represent and bind another person under a first-trust instrument or Chapter 3B (commencing with Section 19-3B-101) of this title, is binding on the person represented unless the person represented objects to the representation before the consent or waiver otherwise would become effective. (c) A person with authority to represent and bind another person under a first-trust instrument or Chapter 3B (commencing with Section 19-3B-101) of this title, may file an application under Section 19-3D-9 on behalf of the person represented. (d) A settlor may not represent or bind a beneficiary under this chapter. (Act 2018-519, §8.)
AL Code § 19-3D-9 (2021)
2021 Code of Alabama|Title 19 - Fiduciaries and Trusts.|Chapter 3D - Alabama Uniform Trust Decanting Act.|Section 19-3D-9 - Court Involvement.

Section 19-3D-9Court involvement.  (a) On application of an authorized fiduciary, a person entitled to notice under Section 19-3D-7(c), a beneficiary, or with respect to a charitable interest that is not entirely held by or for the benefit of one or more identified and existing charitable organizations, the Attorney General or other person that has standing to enforce the charitable interest, the court may: (1) provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power is permitted under this chapter and consistent with the fiduciary duties of the authorized fiduciary; (2) appoint a special fiduciary and authorize the special fiduciary to determine whether the decanting power should be exercised under this chapter and to exercise the decanting power; (3) approve an exercise of the decanting power; (4) subject to the limitations set forth in subsection (c), determine that a proposed or attempted exercise of the decanting power is ineffective because: (A) after applying Section 19-3D-22, the proposed or attempted exercise does not or did not comply with this chapter; or  (B) the proposed or attempted exercise would be or was an abuse of the fiduciary's discretion or a breach of fiduciary duty; (5) determine the extent to which Section 19-3D-22 applies to a prior exercise of the decanting power; (6) provide instructions to the trustee regarding the application of Section 19-3D-22 to a prior exercise of the decanting power; or (7) order other relief to carry out the purposes of this chapter. (b) On application of an authorized fiduciary, the court may approve: (1) an increase in the fiduciary's compensation under Section 19-3D-16; or (2) a modification under Section 19-3D-18 of a provision granting a person the right to remove or replace the fiduciary. (c) A proceeding under subsection (a)(4) may not be commenced by a person entitled to notice under Section 19-3D-7(c), or by a beneficiary, unless such proceeding is commenced within six months from the day notice is given under Section 19-3D-7(a). Failure to receive notice shall not extend the time by which the proceeding must be commenced if the authorized fiduciary acted with reasonable diligence to comply with the requirements of Section 19-3D-7(c). (Act 2018-519, §9; Act 2021-143, §1.)