Alabama Code 35-4-250. Effect of use, trust, or confidence for mere benefit of third persons
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Terms Used In Alabama Code 35-4-250
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- Trustee: A person or institution holding and administering property in trust.
No use, trust, or confidence can be declared of any land, or of any charge upon the same, for the mere benefit of third persons; and all assurances declaring any such use, trust, or confidence must be held and taken to vest the legal estate in the person or persons for whom the same is declared; and no estate or interest can vest thereby in any trustee.