(a) Where by the terms of a will or trust instrument a fiduciary may or must satisfy a pecuniary gift thereunder by distributing or allocating property in kind according to the value thereof other than the value on the date of distribution or allocation, the fiduciary, in satisfying such gift from the property available therefor, shall, unless the governing document expressly prohibits such a selection of property, select property, including cash, fairly representative of appreciation or depreciation in the value at the date or dates of distribution or allocation of all property then available for distribution or allocation in satisfaction of such gift.
(b) The enactment of this section is not intended to imply that the present law of this state, relating to selection of property by fiduciaries in the circumstances herein described, has been otherwise than as set forth in subsection (a) of this section.
Structure Code of Alabama
Title 19 - Fiduciaries and Trusts.
Article 1 - General Provisions.
Section 19-3-2 - Extinguishment of Trust.
Section 19-3-3 - Estate of Trustee; Termination of Trust Estate.
Section 19-3-4 - Indemnification of Trustee.
Section 19-3-5 - Notice of Settlement.
Section 19-3-6 - Allowance of Fees.
Section 19-3-8 - Execution of Proxies by Fiduciary Holding Corporate Stocks.
Section 19-3-9 - Satisfaction of Pecuniary Gifts by Distribution of Property in Kind.
Section 19-3-10 - Conversion or Exchange, etc., of Securities Upon Merger, Consolidation, Etc.