§ 10-13-1 Short title
§ 10-13-2 Definitions
§ 10-13-3 Permitted form of unincorporated trust or association
§ 10-13-4 Construction with other law
§ 10-13-5 Compliance required
§ 10-13-6 Declaration of trust
§ 10-13-7 Classification of shares
§ 10-13-8 Removal of trustees
§ 10-13-9 Powers
§ 10-13-10 Restrictions on investments and use
§ 10-13-11 Annual report
§ 10-13-12 Inspection of records
§ 10-13-13 Filing fees
§ 10-13-14 Amendment of declaration
§ 10-13-15 Merger
§ 10-13-16 Termination of existence
§ 10-13-17 Liability of trust
§ 10-13-18 Nonliability of shareholders for obligations of trust
§ 10-13-19 Liability of trustee
§ 10-13-20 Service of process
§ 10-13-21 Income tax
§ 10-13-22 Share tax exemption
§ 10-13-23 Treatment of corporate real estate investment trust
§ 10-13-24 Treatment of distributions

Terms Used In Alabama Code > Title 10 > Chapter 13 - Real Estate Investment Trusts

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • CLEAR AND CONVINCING EVIDENCE: Evidence that, when weighed against evidence in opposition, will produce in the mind of the trier of fact a firm conviction as to each essential element of the claim and a high probability as to the correctness of the conclusion. See Alabama Code 6-11-20
  • Decedent: A deceased person.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • fraud: An intentional misrepresentation, deceit, or concealment of a material fact the concealing party had a duty to disclose, which was gross, oppressive, or malicious and committed with the intention on the part of the defendant of thereby depriving a person or entity of property or legal rights or otherwise causing injury. See Alabama Code 6-11-20
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • malice: The intentional doing of a wrongful act without just cause or excuse, either:

    a. See Alabama Code 6-11-20

  • Mistrial: An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again from the selection of the jury.
  • oppression: Subjecting a person to cruel and unjust hardship in conscious disregard of that person's rights. See Alabama Code 6-11-20
  • Personal property: All property that is not real property.
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
  • REAL ESTATE INVESTMENT TRUST: An unincorporated trust or association in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become shareholder or an entity that otherwise complies with the provisions of 26 U. See Alabama Code 10-13-2
  • share: A transferable unit of beneficial interest in a real estate investment trust. See Alabama Code 10-13-2
  • shareholder: The holder of a transferable unit of beneficial interest in a real estate investment trust. See Alabama Code 10-13-2
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • wantonness: Conduct which is carried on with a reckless or conscious disregard of the rights or safety of others. See Alabama Code 6-11-20