(a) Except as otherwise provided in subsections (b) and (c), this chapter applies to an express trust that is irrevocable, or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
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Terms Used In Alabama Code 19-3D-3

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • Trustee: A person or institution holding and administering property in trust.
(b) This chapter does not apply to a trust held solely for charitable purposes.
(c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise of the decanting power.
(d) This chapter does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, laws of this state other than this chapter, common law, a court order, or a nonjudicial settlement agreement.
(e) This chapter does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
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