reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-61 - Establishment; Lawful Purposes.

Section 19-3-61
Establishment; lawful purposes.
A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling or otherwise alienating, mortgaging or otherwise incumbering real and personal property of all kinds and descriptions, including dealing in, purchasing, holding, selling and exchanging stocks, bonds, mortgages, deeds of trust and other securities of all kinds and descriptions; receiving the income, dividends, rents, profits and returns therefrom, and investing the same or distributing the same to the beneficial owners of the trust in accordance with the terms of the declaration of trust.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §2.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-62 - Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees.

Section 19-3-62
Powers and liabilities of trustees; liability of trust for acts of trustees.
The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over such property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omission or obligation of a trustee of a business trust, when acting in such capacity, shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such obligation, but no trustee shall be personally liable for any such act, omission or obligation. The trustees shall have such powers as to the investment of the trust estate as may be set out in the declaration of trust without regard to the type of investments to which trustees generally are restricted by the provisions of Article 6 of this chapter or otherwise.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §3.)
2023 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.

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.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-64 - Contents and Recordation of Declaration of Trust.

Section 19-3-64
Contents and recordation of declaration of trust.
The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation and removal of a trustee and may provide for the amendment of said declaration of trust. The declaration of trust may also contain such other provisions regarding the operation and administration of the business trust as may be necessary or desirable.
The declaration of trust shall be recorded in the office of the judge of probate in the county in which its principal place of business is located, and a recording charge of $15.00 shall be paid therefor, which shall be in lieu of all other recording charges.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §5.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-65 - Duration of Business Trust; Rules Against Perpetuities and Restraint of Alienation Not Violated.

Section 19-3-65
Duration of business trust; rules against perpetuities and restraint of alienation not violated.
A business trust shall not be deemed invalid as violating the rule against perpetuities or the law against suspension of the powers of alienation. Such trust may continue for such time as may be necessary to accomplish the purposes for which it may be created, provided the declaration of trust contains a provision that such trust may be terminated at any time by action of the trustees or by the vote of a specified percentage in interest of the beneficial owners thereof as set forth in the declaration of trust.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §6.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-66 - Suits Against Trust; Property Subject to Attachment and Execution.

Section 19-3-66
Suits against trust; property subject to attachment and execution.
A business trust may be sued for debts and other obligations incurred by the trustees in the performance of their duties under the declaration of trust and for any damages resulting from the negligence of such trustees, and its property shall be subject to attachment and execution in like manner as if it were a corporation.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §7.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 3 - Business Trusts. › Section 19-3-67 - Taxation.

Section 19-3-67
Taxation.
Repealed by Act 2006-114, p. 173, §5, effective for tax years beginning on or after January 1, 2005.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §8.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-80 - "Fiduciary Funds" Defined.

Section 19-3-80
"Fiduciary funds" defined.
"Fiduciary funds," as used in this article, shall include any sums whatsoever which have come into the hands of such officer and of which he is not the absolute and unqualified owner, including witness fees and other fees or funds to which any person other than himself is entitled.
(Acts 1909, No. 133, p. 166; Code 1923, §10459; Code 1940, T. 58, §31.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-81 - Fiduciary Funds in Hands of Register, Probate Judge, Sheriff, and Clerk to Be Reported.

Section 19-3-81
Fiduciary funds in hands of register, probate judge, sheriff, and clerk to be reported.
Every register, probate judge, sheriff, clerk and register shall prepare a report in writing showing the amount of all fiduciary funds in the hands of such official, designating the name of the owner and the case or the circumstances under which the same was received, which statement shall be verified.
(Acts 1909, No. 133, p. 166; Code 1923, §10458; Code 1940, T. 58, §30.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-82 - Filing of Reports of Clerk and Register.

Section 19-3-82
Filing of reports of clerk and register.
The register and the clerk shall file the report with the judge of the court of which he is the clerk, or clerk and register, at the first session of said court after January 1 of each year.
(Acts 1909, No. 133, p. 166; Code 1923, §10460; Code 1940, T. 58, §32.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-83 - Filing of Sheriff's Report.

Section 19-3-83
Filing of sheriff's report.
The sheriff shall file, at the first session held after the first day of January of each court under whose processes he holds any money, the report required by this article.
(Acts 1909, No. 133, p. 166; Code 1923, §10464; Code 1940, T. 58, §33.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-84 - Reports to Be Open to Public.

Section 19-3-84
Reports to be open to public.
The judge of such court shall carefully examine said report and order the same recorded by the clerk of the court in a well-bound book, kept for that purpose, which book shall be open to the inspection of the public.
(Acts 1909, No. 133, p. 166; Code 1923, §10462; Code 1940, T. 58, §34.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-85 - Filing and Recordation of Probate Judge's Report.

Section 19-3-85
Filing and recordation of probate judge's report.
The probate judge shall file such statement in his court within the first 10 days of January of each year and record the same in a book kept for that purpose, which book shall be open to the inspection of the public.
(Acts 1909, No. 133, p. 166; Code 1923, §10463; Code 1940, T. 58, §35.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-86 - Enforcement.

Section 19-3-86
Enforcement.
The judges of courts of record in this state, at the first session of their courts held after January 1, shall enforce the provisions of this article and, if such report is not filed within the first day of said court, shall issue a mandatory order requiring the filing of said report and, unless the same is filed within the time named in said order, shall punish officers so in default for contempt of court.
(Acts 1909, No. 133, p. 166; Code 1923, §10464; Code 1940, T. 58, §36.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 4 - Fiduciary Funds in Hands of Officials. › Section 19-3-87 - Unclaimed Funds.

Section 19-3-87
Unclaimed funds.
If at any time it should appear to the court, or be made known to the court, that any balance has been in the hands of any officer for a period of five years and the same remains unclaimed, it may make an order directing the same to be paid into the treasury of said county, and a separate account shall be kept of all such payments and so designated as to identify each transaction.
Any person entitled to any amount so paid into the treasury or any part thereof may within 10 years after such payment into the treasury recover the amount to which he may be entitled, without interest, by obtaining an order from the court under whose order the same was paid into the treasury. Such order may be made by the court on summary motion against the probate judge of the county after five days' notice unless the court for sufficient reasons continues the hearing to a further time.
(Acts 1909, No. 133, p. 166; Code 1923, §§10465, 10466; Code 1940, T. 58, §§37, 38.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-100 - When Trust Estate May Become Liable.

Section 19-3-100
When trust estate may become liable.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3747; Code 1886, §3504; Code 1896, §4183; Code 1907, §6085; Code 1923, §10422; Code 1940, T. 58, §39.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-101 - Petition to Enforce Liability - Filing; Substitution of Parties.

Section 19-3-101
Petition to enforce liability - Filing; substitution of parties.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3747; Code 1886, §3565; Code 1896, §4184; Code 1907, §6086; Code 1923, §10423; Code 1940, T. 58, §40.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-102 - Petition to Enforce Liability - Judgment Charging Estate.

Section 19-3-102
Petition to enforce liability - Judgment charging estate.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3747; Code 1886, §3566; Code 1896, §4185; Code 1907, §6087; Code 1923, §10424; Code 1940, T. 58, §41.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-103 - Petition to Enforce Liability - Pending Action for Administration.

Section 19-3-103
Petition to enforce liability - Pending action for administration.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §4425; Code 1876, §3748; Code 1886, §3567; Code 1896, §4186; Code 1907, §6088; Code 1923, §10425; Code 1940, T. 58, §42.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-104 - Petition to Enforce Liability - Charging Real Property.

Section 19-3-104
Petition to enforce liability - Charging real property.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1886, §3568; Code 1896, §4187; Code 1907, §6089; Code 1923, §10426; Code 1940, T. 58, §43.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-105 - Misapplication of Assets.

Section 19-3-105
Misapplication of assets.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1907, §6090; Code 1923, §10427; Code 1940, T. 58, §44.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-106 - Tracing Misapplied Assets.

Section 19-3-106
Tracing misapplied assets.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1907, §6091; Code 1923, §10428; Code 1940, T. 58, §45.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 5 - Liability of Trust Estate and Remedy for Enforcing. Repealed. › Section 19-3-107 - Framing Relief So as to Render Trust Effectual.

Section 19-3-107
Framing relief so as to render trust effectual.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1907, §6092; Code 1923, §10429; Code 1940, T. 58, §46.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-120.1 - Investments in Common Trusts, Collective Investment Funds, and Interests of Investment Companies and Trusts.

Section 19-3-120.1
Investments in common trusts, collective investment funds, and interests of investment companies and trusts.
In addition to the investments authorized by Section 19-3-120, by any other provision of law for the investment of funds held by a trustee, executor, administrator, guardian, conservator or other fiduciary, or by the will, trust agreement or other document which is the source of authority, such fiduciary, other than a trustee governed by Chapter 3B, may invest in and hold (1) interests, however evidenced, in any common trust fund or other collective investment fund maintained by any national or state chartered bank, trust company or savings and loan association having trust powers, or (2) 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, so long as the portfolio of such common trust fund, collective investment fund or investment company or investment trust consists of investments authorized with respect to such fiduciary by Section 19-3-120, by any other provision of law, or by the will, trust agreement or other document which is the source of authority. The fact that such fiduciary or any affiliate thereof is providing services to the investment company or investment trust as an investment advisor, sponsor, distributor, custodian, transfer agent, registrar, or otherwise, and is receiving reasonable remuneration for such services, shall not preclude such fiduciary from investing in the securities of such investment company or investment trust; provided, however, that with respect to any fiduciary account to which fees are charged for such services, the fiduciary shall disclose (by prospectus, account statement or otherwise) to the current income beneficiaries of such account or to any third party directing investments the basis (expressed as a percentage of asset value or otherwise) upon which the fee is calculated. This section shall not, insofar as such authorization may be prohibited by the constitution of this state, authorize the investment of trust funds in the stock of any private corporations. Effective January 1, 2007, investments by trustees in common trusts, collective investment funds, and interests of investment companies and trusts, shall be governed by Chapter 3B instead of this section.
(Acts 1984, No. 84-279, p. 466, §1; Acts 1990, No. 90-651, p. 1247, §1; Act 2006-216, p. 314, §3.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-121 - Interest-Bearing Warrants.

Section 19-3-121
Interest-bearing warrants.
A trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, with the exercise of reasonable business prudence, in addition to any other investments now permitted by law, invest funds in interest-bearing warrants of any county board of education or city board of education in the State of Alabama, which warrants are secured by a pledge of a special county ad valorem tax for schools or a special district ad valorem tax for schools.
(Acts 1939, Ex. Sess., No. 16, p. 17; Code 1940, T. 58, §48; Acts 1949, No. 133, p. 163.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-122 - Securities Issued or Insured by Secretary of Housing and Urban Development.

Section 19-3-122
Securities issued or insured by secretary of housing and urban development.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries, the State of Alabama and any of its departments, boards, institutions and agencies, and the municipalities, counties and other political subdivisions of the state to invest their funds and the moneys in their custody or possession eligible for investment in notes or bonds secured by mortgage or trust deed insured by the Secretary of Housing and Urban Development or his predecessor officer pursuant to the laws and regulations governing the insurance of such as now constituted or as hereafter amended and in debentures issued by such official.
(Acts 1939, No. 153, p. 227; Code 1940, T. 58, §49.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-123 - Mortgages Insured by Secretary of Housing and Urban Development - Investment.

Section 19-3-123
Mortgages insured by secretary of housing and urban development - Investment.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries to invest their funds and the moneys in their custody or possession eligible for investment in mortgages which have been accepted for insurance by the secretary of housing and urban development or his predecessor officer pursuant to Title 2 of the National Housing Act.
No law of this state requiring security upon which loans or investments may be made or prescribing the nature, amount or form of such security or prescribing or limiting the period for which loans or investments may be made shall be deemed to apply to loans or investments made pursuant to the foregoing paragraph.
(Acts 1935, No. 53, p. 124; Code 1940, T. 58, §50.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-124 - Mortgages Insured by Secretary of Housing and Urban Development - Sale, Etc.

Section 19-3-124
Mortgages insured by secretary of housing and urban development - Sale, etc.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries, upon the termination of their fiduciary relationships, whether by revocation or otherwise, to make distribution of assets consisting of mortgages insured by the Secretary of Housing and Urban Development or his predecessor officer in cash rather than in kind, and in order to carry out the foregoing provision, such trustees, executors, administrators, guardians, and other fiduciaries, upon the termination of such fiduciary relationships, are hereby granted full power and authority to sell, transfer and deliver all such mortgages to other mortgagees approved by the Secretary of Housing and Urban Development or his predecessor officer, and the delivery of the proceeds of a bona fide sale of any such mortgage to the beneficial owner shall constitute full acquittance to such fiduciary as to such mortgage.
(Acts 1939, No. 152, p. 226; Code 1940, T. 58, §51.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-125 - Life, Endowment, or Annuity Contracts.

Section 19-3-125
Life, endowment, or annuity contracts.
In addition to any other investment now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary of the trust in life, endowment or annuity contracts of legal reserve life insurance companies duly qualified and authorized to write such business in the State of Alabama; provided, however, that the annual premium or premiums on such contracts purchased by such guardian or trustee shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar year preceding the date of such purchase. The contract must contain the following options after it has been in force for three years or less: a cash surrender value option, a paid-up insurance or endowment option, and an extended insurance or endowment option. Such contract may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of the trust or upon the life or lives of persons in whose life or lives such ward or beneficiary of the trust has an insurable interest. The proceeds or avails of such contract shall be the sole property of the person or persons whose funds are invested therein. The contract or policy form may provide reasonable forfeiture for nonpayment of premiums and must be a form of contract which has been approved by the Commissioner of Insurance of the State of Alabama. Whether such contract so specifically provides or not, the guardian or trustee shall have the right without order of court to exercise for the use of the ward or beneficiary of the trust, any option contained in such contract; except, that the guardian or trustee shall not have the right to borrow on security of said policy or its proceeds unless authorized to do so by order of the court having jurisdiction of the guardianship or trust.
The power given in this section is in addition to and not in derogation of any power of investment given a guardian or trustee under existing law, but to the extent that any statute now in force is in conflict herewith, the same shall be and is hereby repealed.
(Acts 1943, No. 430, p. 399, §1.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-126 - Tax Anticipation Bonds, etc., of Certain Counties.

Section 19-3-126
Tax anticipation bonds, etc., of certain counties.
Unless otherwise directed by the court having jurisdiction thereof, or by the will, trust agreement or other document which is the source of authority, any trustee, executor, administrator, guardian or one acting in any other fiduciary capacity, may, with the exercise of reasonable business prudence, in addition to any other investments now permitted by law, invest funds in the tax anticipation bonds, warrants, certificates of indebtedness or other security heretofore or hereafter issued by any county pursuant to Constitutional Amendment No. 76.
(Acts 1950, 5th Ex. Sess., No. 46, p. 91, §1.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-127 - Bonds of Tennessee Valley Authority.

Section 19-3-127
Bonds of Tennessee Valley Authority.
Bonds issued by the Tennessee Valley Authority under the provisions of the Tennessee Valley Authority Act of 1933, as amended or as the same may be hereafter amended, shall be legal investments for fiduciaries investing trust funds and for investments by savings banks and insurance companies organized under the laws of the state, and shall be eligible to be used as security for the deposit of funds of the state and its instrumentalities.
(Acts 1961, Ex. Sess., No. 119, p. 2043, §1.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-128 - Debts Incurred Under National Housing Act and Under Acts of Congress Relating to Veterans' Benefits.

Section 19-3-128
Debts incurred under National Housing Act and under acts of congress relating to veterans' benefits.
All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the same now exists or may hereafter be amended or supplemented, and all debts or extensions of credit incurred pursuant to any act of congress relating to veterans' benefits, as the same now exists or may hereafter be amended or supplemented, shall be legal investments for banks, insurance companies, savings and loan associations, trustees, fiduciaries of all types and for any other person, firm or corporation, and shall be free from any restrictions of this state as to the nature, forms, or amounts of any loans or investments.
The provisions of this section supersede the provisions of any act defining legal investments in any way contrary to the provisions hereof.
(Acts 1969, No. 2, p. 296.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-129 - General Rules of Law Govern Trustee's Liability.

Section 19-3-129
General rules of law govern trustee's liability.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3742; Code 1886, §3555; Code 1896, §4174; Code 1907, §6076; Code 1923, §10413; Code 1940, T. 58, §52.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-130 - Investment Outside State.

Section 19-3-130
Investment outside state.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3743; Code 1886, §3556; Code 1896, §4175; Code 1907, §6077; Code 1923, §10414; Code 1940, T. 58, §53.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-131 - Petition to Obtain Authority; Notice.

Section 19-3-131
Petition to obtain authority; notice.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3743; Code 1886, §3557; Code 1896, §4176; Code 1907, §6078; Code 1923, §10415; Code 1940, T. 58, §54.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 6 - Investment of Trust Estate. › Section 19-3-132 - Judgment on Hearing.

Section 19-3-132
Judgment on hearing.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3743; Code 1886, §3559; Code 1896, §4178; Code 1907, §6080; Code 1923, §10417; Code 1940, T. 58, §55.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 7 - Participation in Partnerships. › Section 19-3-150 - "Fiduciary" Defined.

Section 19-3-150
"Fiduciary" defined.
As used in this article, the term "fiduciary" means the executor of a will, the administrator of a decedent's estate or the trustee of an express inter vivos or testamentary trust, and includes both individual and corporate fiduciaries.
(Acts 1961, No. 1011, p. 1588, §I.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 7 - Participation in Partnerships. › Section 19-3-151 - Right of Fiduciary to Participate in Partnership; Liability of Fiduciary, Estate and Beneficial Owners.

Section 19-3-151
Right of fiduciary to participate in partnership; liability of fiduciary, estate and beneficial owners.
If permitted by the trust instrument or will under which he serves or by order of a court having jurisdiction of the estate or trust, a fiduciary may enter into a partnership agreement or arrangement with others or accept the assignment of or otherwise acquire, hold and dispose of an interest in a partnership, and in so doing may become either a general or a limited partner. In any such case, as to creditors of or claimants against such partnership and as to the other members of such partnership, the liability, if any, of such fiduciary for the debts and other liabilities of the partnership, whether ex contractu or ex delicto or otherwise, shall be limited to the assets of the trust or estate, or so much thereof as may be necessary to discharge such debts and liabilities, but no personal liability shall attach to the fiduciary or to the beneficial owners of the assets of the trust or estate.
(Acts 1961, No. 1011, p. 1588, §II.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 7 - Participation in Partnerships. › Section 19-3-152 - Power of Fiduciary to Limit Liability of Estate or Himself.

Section 19-3-152
Power of fiduciary to limit liability of estate or himself.
Nothing in this article shall be construed to prohibit a fiduciary from further limiting his liability, or the liability of the trust or estate which he represents, in any manner otherwise permitted by law.
(Acts 1961, No. 1011, p. 1588, §III.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 8 - Partition or Sale of Real or Personal Property. › Section 19-3-170 - Partition of Freehold Devised With Contingent Interest.

Section 19-3-170
Partition of freehold devised with contingent interest.
When any deceased tenant in common, joint tenant or coparcener of real estate shall have devised any freehold interest in such estate to any person, with a contingent interest by way of remainder, substitution or executory devise to any other person, born or unborn, the circuit court may, on the complaint of any person interested, order partition of such estate to be made between the devisee or devisees, the surviving cotenant or cotenants and the person having such contingent interest; and the judgment shall bind the parties and the person having such contingent interest, his heirs and assigns.
(Code 1923, §10437; Code 1940, T. 58, §56.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 8 - Partition or Sale of Real or Personal Property. › Section 19-3-171 - Sale of Land Held Under Trust Deed.

Section 19-3-171
Sale of land held under trust deed.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10438; Code 1940, T. 58, §57.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 8 - Partition or Sale of Real or Personal Property. › Section 19-3-172 - Sale of Land Devised and Held in Trust.

Section 19-3-172
Sale of land devised and held in trust.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10439; Code 1940, T. 58, §58.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 8 - Partition or Sale of Real or Personal Property. › Section 19-3-173 - Investment of Proceeds of Sale.

Section 19-3-173
Investment of proceeds of sale.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10440; Code 1940, T. 58, §59.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 9 - Removal of Trust Estate to Another State. › Section 19-3-190 - Power of Circuit Court to Authorize Removal of Trust Estate.

Section 19-3-190
Power of circuit court to authorize removal of trust estate.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3744; Code 1886, §3560; Code 1896, §4179; Code 1907, §6081; Code 1923, §10418; Code 1940, T. 58, §60.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 9 - Removal of Trust Estate to Another State. › Section 19-3-191 - Petition to Obtain Removal; Notice.

Section 19-3-191
Petition to obtain removal; notice.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3745; Code 1886, §3561; Code 1896, §4180; Code 1907, §6082; Code 1923, §10419; Code 1940, T. 58, §61.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 9 - Removal of Trust Estate to Another State. › Section 19-3-192 - Judgment on Hearing.

Section 19-3-192
Judgment on hearing.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1876, §3746; Code 1886, §3563; Code 1896, §4182; Code 1907, §6084; Code 1923, §10421; Code 1940, T. 58, §62.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 1 - General Provisions. › Section 19-3-210 - Resignation.

Section 19-3-210
Resignation.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10432; Code 1940, T. 55, §63.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 1 - General Provisions. › Section 19-3-211 - Removal - Grounds.

Section 19-3-211
Removal - Grounds.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1852, §2999; Code 1867, §3455; Code 1876, §3735; Code 1886, §3577; Code 1896, §4197; Code 1907, §6102; Code 1923, §10450; Acts 1939, No. 344, p. 478; Code 1940, T. 58, §65; Acts 1953, No. 875, p. 1180.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 1 - General Provisions. › Section 19-3-212 - Removal - Appointment of Successor.

Section 19-3-212
Removal - Appointment of successor.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1852, §3000; Code 1867, §3456; Code 1876, §3736; Code 1886, §3578; Code 1896, §4198; Code 1907, §6103; Code 1923, §10451; Acts 1939, No. 345, p. 479; Code 1940, T. 58, §66.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 2 - Removal of Trust Estate From Another State. › Section 19-3-230 - Application to Appoint Trustee.

Section 19-3-230
Application to appoint trustee.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §3457; Code 1876, §3737; Code 1886, §3580; Code 1896, §4200; Code 1907, §6105; Code 1923, §10453; Code 1940, T. 58, §67.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 2 - Removal of Trust Estate From Another State. › Section 19-3-231 - Notice of Hearing.

Section 19-3-231
Notice of hearing.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §3458; Code 1876, §3738; Code 1886, §3581; Code 1896, §4201; Code 1907, §6106; Code 1923, §10454; Code 1940, T. 58, §68.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 2 - Removal of Trust Estate From Another State. › Section 19-3-232 - Appointment of Trustee.

Section 19-3-232
Appointment of trustee.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §3459; Code 1876, §3739; Code 1886, §3582; Code 1896, §4202; Code 1907, §6107; Code 1923, §10455; Code 1940, T. 58, §69.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 2 - Removal of Trust Estate From Another State. › Section 19-3-233 - Bond.

Section 19-3-233
Bond.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §3460; Code 1876, §3740; Code 1886, §3583; Code 1896, §4203; Code 1907, §6108; Code 1923, §10456; Code 1940, T. 58, §70.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 10 - Appointment, Resignation and Removal of Trustees. › Division 2 - Removal of Trust Estate From Another State. › Section 19-3-234 - Fees of Register or Clerk.

Section 19-3-234
Fees of register or clerk.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1867, §3461; Code 1876, §3741; Code 1886, §3584; Code 1896, §4204; Code 1907, §6109; Code 1923, §10457; Code 1940, T. 58, §71.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 11 - Succession or Appointment of New Trustees. › Section 19-3-250 - Power of Circuit Court to Fill Vacancy.

Section 19-3-250
Power of circuit court to fill vacancy.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10434; Code 1940, T. 58, §72.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 11 - Succession or Appointment of New Trustees. › Section 19-3-251 - When Circuit Court Must Appoint New Trustee; Number of New Trustees.

Section 19-3-251
When circuit court must appoint new trustee; number of new trustees.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10436; Code 1940, T. 58, §74.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 11 - Succession or Appointment of New Trustees. › Section 19-3-252 - Survivorship Between Cotrustees.

Section 19-3-252
Survivorship between cotrustees.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1923, §10435; Code 1940, T. 58, §73.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 11 - Succession or Appointment of New Trustees. › Section 19-3-253 - Representative of Deceased Sole Trustee to Settle With Succeeding Trustee.

Section 19-3-253
Representative of deceased sole trustee to settle with succeeding trustee.
Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007.
(Code 1896, §4196; Code 1907, §6101; Code 1923, §10449; Code 1940, T. 58, §64.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-270 - Definitions.

Section 19-3-270
Definitions.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §75.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-271 - Applicability of Article; Powers of Settlor.

Section 19-3-271
Applicability of article; powers of settlor.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §76.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-272 - Income and Principal; Disposition.

Section 19-3-272
Income and principal; disposition.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §77.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-273 - Apportionment of Income.

Section 19-3-273
Apportionment of income.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §78.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-274 - Corporate Dividends and Share Rights.

Section 19-3-274
Corporate dividends and share rights.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, § 79.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-275 - Premium and Discount Obligations.

Section 19-3-275
Premium and discount obligations.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §80.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-276 - Principal Used in Business.

Section 19-3-276
Principal used in business.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §81.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-277 - Principal Comprising Animals.

Section 19-3-277
Principal comprising animals.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §82.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-278 - Disposition of Natural Resources.

Section 19-3-278
Disposition of natural resources.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §83.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-279 - Principal Subject to Depletion.

Section 19-3-279
Principal subject to depletion.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §84.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-280 - Unproductive Estate.

Section 19-3-280
Unproductive estate.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §85.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-281 - Expenses - Trust Estates.

Section 19-3-281
Expenses - Trust estates.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §86.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 12 - Principal and Income. Repealed. › Section 19-3-282 - Expenses - Nontrust Estates.

Section 19-3-282
Expenses - Nontrust estates.
Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001.
(Acts 1939, No. 572, p. 902; Code 1940, T. 58, §87.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 13 - Private Foundations, Charitable Trusts, and Split-Interest Trusts. › Section 19-3-300 - Trustee Not to Engage in Certain Acts Subjecting Trust to Federal Taxation.

Section 19-3-300
Trustee not to engage in certain acts subjecting trust to federal taxation.
Notwithstanding any provision to the contrary in the governing instrument or under any other law of this state and except as otherwise provided by judgment of a court or by a provision of the governing instrument, which in either case is entered or made after October 1, 1971, and expressly limits the applicability of this article, the trustee of a trust, whenever created, which is or is treated as a private foundation as defined in Section 509 of the Internal Revenue Code of 1954, a charitable trust as defined in Section 4947(a)(1) of the Internal Revenue Code of 1954, or a split-interest trust as defined in Section 4947(a)(2) of the Internal Revenue Code of 1954, during the period it is or is treated as a private foundation, charitable trust or split-interest trust as so defined:
(1) Shall not engage in any act of self-dealing as defined in Section 4941(d) thereof;
(2) Shall distribute for each taxable year not less than such amounts at such time and in such manner as not to subject the trust to the tax on undistributed income imposed by Section 4942 thereof;
(3) Shall not, if Section 4943 thereof is applicable, retain any excess business holdings as defined in subsection (c) of that section beyond the period permitted by that section;
(4) Shall not make any investment in such manner as to subject the trust to tax under Section 4944 thereof; and
(5) Shall not make any taxable expenditure as defined in Section 4945(d) thereof.
(Acts 1971, No. 2276, p. 3666, §1.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 13 - Private Foundations, Charitable Trusts, and Split-Interest Trusts. › Section 19-3-301 - Power to Amend Trust Instrument.

Section 19-3-301
Power to amend trust instrument.
(a) The trustee of a trust, whenever created, which is or is treated as a private foundation as defined in Section 509 of the Internal Revenue Code of 1954, a charitable trust as defined in Section 4947(a)(1) of the Internal Revenue Code of 1954, or a split-interest trust as defined in Section 4947(a)(2) of the Internal Revenue Code of 1954, may amend the terms of the governing instrument to the extent necessary to bring the trust into conformity with the requirements for:
(1) Termination of private foundation status in the manner described in Section 507(b) thereof;
(2) Exemption of the trust from the taxes imposed by Sections 4941 to 4945, inclusive, thereof; or
(3) Exclusion of the trust from private foundation status under Section 509(a)(3) thereof, and for this latter purpose may release, extinguish or renounce any power contained in the governing instrument, may reduce or limit the charitable organizations or classes of charitable organizations in whose favor a power to select may be exercised and may appoint new or additional trustees.
(b) No amendment of the governing instrument shall be required in order to make effective the requirements of Section 19-3-300.
(c) If the trust is for the benefit of one or more named charitable organizations, the trustee shall first obtain the written consent of those organizations before making any amendment under subdivision (3) of subsection (a) of this section.
(Acts 1971, No. 2276, p. 3666, §2.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 13 - Private Foundations, Charitable Trusts, and Split-Interest Trusts. › Section 19-3-302 - Rights and Powers of Courts and Attorney General Not Impaired.

Section 19-3-302
Rights and powers of courts and Attorney General not impaired.
Nothing in this article shall impair the rights and powers of the courts or the Attorney General of this state with respect to any trust. The provisions of Sections 19-3-300 and 19-3-301 shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the same may not properly be changed to conform to such sections.
(Acts 1971, No. 2276, p. 3666, §3.)
2023 Code of Alabama › Title 19 - Fiduciaries and Trusts. › Chapter 3 - Trusts. › Article 13 - Private Foundations, Charitable Trusts, and Split-Interest Trusts. › Section 19-3-303 - Future Provisions of Federal Internal Revenue Laws Included.

Section 19-3-303
Future provisions of federal internal revenue laws included.
All references to sections of the Internal Revenue Code of 1954 shall include future amendments to such sections and corresponding provisions of future internal revenue laws.
(Acts 1971, No. 2276, p. 3666, §4.)