The beneficial ownership in a business trust shall be evidenced by certificates issued by the trustees. These certificates shall be transferable in the same manner as stock certificates of a corporation are 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 19 - Fiduciaries and Trusts.
Section 19-3-60 - Definition of "Business trust."
Section 19-3-61 - Establishment; Lawful Purposes.
Section 19-3-62 - Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees.
Section 19-3-63 - Certificates of Ownership; Liability of Beneficial Owners.
Section 19-3-64 - Contents and Recordation of Declaration of Trust.
Section 19-3-66 - Suits Against Trust; Property Subject to Attachment and Execution.