The beneficial ownership in a business trust may be evidenced by certificates issued by the trustees. These beneficial interests, whether certificated or uncertificated, shall be transferable in the same manner as stock of a corporation is transferable. No assessment shall be made against the interest of any beneficial owner, and no beneficial owner shall be personally liable for any debts or liabilities incurred by the trustees or by the business trust.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Section 10A-16-1.01 - Definition of "Business trust."
Section 10A-16-1.02 - Establishment; Lawful Purposes.
Section 10A-16-1.03 - Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees.
Section 10A-16-1.04 - Certificate of Ownership; Liability of Beneficial Owners.
Section 10A-16-1.05 - Contents and Recordation of Declaration of Trust.
Section 10A-16-1.07 - Suits Against Trust; Property Subject to Attachment and Execution.