§ 19-5-1 Definitions
§ 19-5-2 Allocation of GST exemption
§ 19-5-3 Division of trust to which GST exemption allocated into separate trusts for exempt and nonexempt property
§ 19-5-4 Separate trusts for property transferred, etc., from another trust in order to preclude or minimize GST
§ 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption
§ 19-5-6 Division of qualified terminable interest property trust into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption; payment of estate taxes
§ 19-5-7 Allocation of distributions from separate trusts
§ 19-5-8 Purpose of chapter
§ 19-5-9 Exercise of authority by fiduciary
§ 19-5-10 Fiduciary not liable for acts in good faith
§ 19-5-11 Applicability of chapter
§ 19-5-12 Chapter effective as to transfers in trust, etc., on and after January 1, 1987

Terms Used In Alabama Code > Title 19 > Chapter 5

  • 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
  • board: The board of directors of a district. See Alabama Code 45-34-82.08
  • bonds: Bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-34-82.08
  • circuit: means judicial circuit. See Alabama Code 30-3D-608
  • Contract: A legal written agreement that becomes binding when signed.
  • county: Any county in the state. See Alabama Code 45-34-82.08
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Devise: To gift property by will.
  • district: A public corporation organized pursuant to the provisions of this chapter. See Alabama Code 45-34-82.08
  • Executor: A male person named in a will to carry out the decedent
  • fiduciary: Includes a personal representative or trustee. See Alabama Code 45-34-82.14
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • GOVERNING BODY: With respect to a county, its county commission, and, with respect to a municipality, its city or town council, board of commissioners, or other like governing body and, with respect to a public corporation, its board of directors. See Alabama Code 45-34-82.08
  • Grantor: The person who establishes a trust and places property into it.
  • gst: The generation-skipping transfer tax imposed by Chapter 13 of the Internal Revenue Code. See Alabama Code 45-34-82.14
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • INTERNAL REVENUE CODE: The Internal Revenue Code of 1986 as amended from time to time and successor provisions and codifications thereof. See Alabama Code 45-34-82.14
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • member: Any county, municipality, or public corporation which elects one or more directors to the board of a district. See Alabama Code 45-34-82.08
  • municipality: Any incorporated city or town of the state. See Alabama Code 45-34-82.08
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: Unless limited to a natural person by the context in which it is used, such term includes a public or private corporation, a municipality, a county or an agency, department or instrumentality of the state, or of a county or municipality. See Alabama Code 45-34-82.08
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 30-3D-608
  • preceding: means next before. See Alabama Code 30-3D-608
  • project: Any capital improvement, facility, structure, building, property, or appurtenances thereto of any nature, type, or description which any member is authorized by any law of the state to own, acquire, construct, or finance. See Alabama Code 45-34-82.08
  • property: Real and personal property and interests therein. See Alabama Code 45-34-82.08
  • PUBLIC CORPORATION: Any public corporation organized under the laws of the state. See Alabama Code 45-34-82.08
  • PUBLIC REVENUES: Any one or more of the items of tax proceeds and other revenues that a municipality or county is authorized to pledge for its bonds under the provisions of Section 11-81-16. See Alabama Code 45-34-82.08
  • real property: includes lands, tenements and hereditaments. See Alabama Code 30-3D-608
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • state: The State of Alabama. See Alabama Code 45-34-82.08
  • trust: Any express trust, with additions thereto, wherever and however created, or any separate share of a trust, and includes any arrangement, other than an estate, which, although not a trust, has substantially the same effect as a trust. See Alabama Code 45-34-82.14