Alabama Code 19-3B-409. Noncharitable trust without ascertainable beneficiary
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Except as otherwise provided in Section 19-3B-408 or by another statute, the following rules apply:
Terms Used In Alabama Code 19-3B-409
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: means next after. See Alabama Code 1-1-1
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- property: includes both real and personal property. See Alabama Code 1-1-1
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.