Title 19 — Title 19

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §82.)

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §83.)

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §84.)

Upon the making of such order the register or clerk must give notice thereof by mail, postage prepaid, to each creditor whose name and address he may, by diligent inquiry and investigation, ascertain from the trustee, or assignor, or the record of the deed of assignment in the of…

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §85.)

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §86.)

Repealed by Act 2000-675, § 2, and Act 2001-344, § 1, effective January 1, 2001. History: (Acts 1939, No. 572, p. 902; Code 1940, T. 58, §87.)

All claims against the trust estate must be presented by or on the day specified in such order and notice, by filing the claim, or a statement thereof, in the office of the register or clerk, verified as claims against the estate of a decedent are required to be verified, before …

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Code 1923, §10433; Code 1940, T. 58, §3.)

The register or clerk must keep a docket in which he must enter each claim, showing under appropriate captions, the name and address of the claimant, the amount and character of his claim, when due, by whom certified and when filed, with appropriate spaces for the insertion of th…

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,…

(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 defi…

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 deter…

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. History: (Acts 1971, No. 2276, p. 3666, §4.)

All claims to which no objection is made in the manner provided in Sections 19-3- 32 and 19-3-33, within three months after the expiration of the time prescribed for the presentation of claims, stand allowed without further proof. History: (Code 1896, §4163; Code 1907, §6065; Cod…

At any time within three months after the expiration of the time allowed for the presentation of claims, or at any time prior thereto, the trustee or assignor or any creditor or party in interest may object to the allowance of any claim filed against the trust estate, by filing o…

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §1.)

Authorization. Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §2.)

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §3.)

Actions by Trustee to Carry Out Trust Purpose. Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §4.)

Person Who Has Right to Remove Trustee; Parties in Interest. Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §5.)

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §6.)

Prosecuting Proceedings in Good Faith. Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §7.)

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §8.)

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Acts 1995, No. 95-310, p. 571, §9; Act 2004-296, p. 418, §1.)

Within 30 days after the expiration of the time allowed for filing objections to claims, the register or clerk must appoint a time, not less than 20 nor more than 60 days thereafter, for the hearing of such objections as have been filed; and of the nature of the objections and th…

Disallowing Claim. On the day appointed for the hearing, or any day to which the same may be continued, the register or clerk must proceed to hear and note the testimony for and against the contested claim, the verified claim or statement thereof being prima facie evidence of its…

Within three months after the expiration of the time allowed for the filing of objections to claims, the trustee must render, under oath, to the register or clerk an account charging himself with all the moneys of the trust estate which have come into his possession, or with whic…

Upon the filing of such account the register or clerk must appoint a day, not less than 20 nor more than 60 days thereafter, to hear and pass upon the account, and must give notice thereof by mail, postage prepaid, to each creditor, his agent or attorney and to the assignor. Hist…

Upon the day so appointed, or any day to which the hearing may be continued, the register or clerk must proceed to examine and audit the account; and upon such auditing, the assignor or any creditor or party in interest, his representative or transferee, may move the register or …

Upon a hearing before the register or clerk under any of the provisions of this article, any competent legal evidence, written or oral, may be received. All such evidence must be noted and oral testimony reduced to writing by the register or clerk. Within 10 days thereafter, eith…

Upon the application of the trustee, the court may authorize the compromise of any bad and doubtful debts or choses in action belonging to the trust estate, or the sale thereof to the highest bidder, on such terms and notice as the court may prescribe. History: (Code 1896, §4171;…

Repealed by Act 2006-216, p. 314, §5, effective January 1, 2007. History: (Code 1923, §10430; Code 1940, T. 58, §4.)

The trustee may make sale of any real estate or interest therein belonging to the trust estate, at public outcry to the highest bidder, after giving notice thereof by publication once a week for three successive weeks in a newspaper published in the county where the real estate i…

Successor. If the trustee shall fail to make settlement, partial or final, as required in this article he may be compelled to do so, by citation to be issued by the register or clerk on order of the court, at the instance of any creditor or party interested in the trust, in all r…

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, §6.)

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.)