Title 19 — Title 19

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1936, Ex. Sess., No. 128, p. 90; Code 1940, T. 58, §§5, 7.)

A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold and manage the same for the benefit and profit of such persons as may be or become the holders of transferable certificates evidencing the…

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 re…

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, omissio…

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 ben…

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 rega…

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 cre…

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 executio…

Repealed by Act 2006-114, p. 173, §5, effective for tax years beginning on or after January 1, 2005. History: (Acts 1961, Ex. Sess., No. 251, p. 2263, §8.)

Nominee of Such Fiduciary. Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1951, No. 102, p. 323.)

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1951, No. 103, p. 324; Acts 1967, No. 337, p. 879.)

“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 entitle…

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 recei…

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. History: (Acts 1909, No. 133, p. 166; Code 1923, §10460; Code 1940, T. 58, §32.)

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. History: (Acts 1909, No. 133, p. 166; Code 1923, §10464; Code 1940, T. 58, §33.)

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. History: (Acts 1909, No. 133, p. 166; Code 1923, §10462; Code 1…

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. History: (Acts 1909, No. 133, p. 166; Code 1923, §10463; Code 1…

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 re…

(a) If at any time it appears to the court, or is 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, the court may make an order directing the same to be paid into the county treasury, and a se…

(a) Where by the terms of a will or trust instrument a fiduciary may or must satisfy a pecuniary gift thereunder by distributing or allocating property in kind according to the value thereof other than the value on the date of distribution or allocation, the fiduciary, in satisfy…