§ 19-3C-1 Short title
§ 19-3C-2 Definitions
§ 19-3C-3 Standard of conduct in managing and investing institutional funds
§ 19-3C-4 Appropriation for expenditure or accumulation of endowment fund; rules of construction
§ 19-3C-5 Delegation of management and investment functions
§ 19-3C-6 Release or modification of restrictions on management, investment, or purpose
§ 19-3C-7 Reviewing compliance
§ 19-3C-8 Application to existing institutional funds
§ 19-3C-9 Relation to Electronic Signatures in Global and National Commerce Act
§ 19-3C-10 Uniformity of application and construction
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Terms Used In Alabama Code > Title 19 > Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • circuit: means judicial circuit. See Alabama Code 1-1-1
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Donor: The person who makes a gift.
  • following: means next after. See Alabama Code 1-1-1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • Probate: Proving a will
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • 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
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1