Title 19 — Title 19
0 chapters · 382 sections in this title.
Ala. Code § 19-3B-817 Distribution Upon Termination
1.1K chars
(a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 d…
Ala. Code § 19-3B-818 Life Insurance Policies Held by Trustee
0.5K chars
A trustee may retain any life insurance policy contributed to a trust by a settlor, or purchased by the trustee upon the request of the settlor, as an asset of the trust without regard to any lack of diversification caused thereby and without regard to the terms and conditions of…
Ala. Code § 19-3B-901 Prudent Investor Rule
0.5K chars
(a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article. (b) The prudent investor rule, a default rule, may be expanded, res…
Ala. Code § 19-3B-902 Standard of Care; Portfolio Strategy; Risk and Return Objectives
2.0K chars
(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A …
Ala. Code § 19-3B-903 Diversification
1.0K chars
(a) A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (b) In the absence of an express provision to the contrary in the terms of…
Ala. Code § 19-3B-904 Duties at Inception of Trusteeship
0.4K chars
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, …
Ala. Code § 19-3B-905 Reviewing Compliance
0.3K chars
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. The prudent investor rule does not guarantee a specific outcome or performance, but is a standard of conduc…
Ala. Code § 19-3B-906 Language Invoking Standard of Prudent Investor Rule
0.8K chars
The following terms or comparable language in the terms of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investmen…