The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation and removal of a trustee and may provide for the amendment of said declaration of trust. The declaration of trust may also contain such other provisions regarding the operation and administration of the business trust as may be necessary or desirable.
The declaration of trust shall be recorded in the office of the judge of probate in the county in which its principal place of business is located, and a recording charge of $15.00 shall be paid therefor, which shall be in lieu of all other recording charges.
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.