This chapter shall govern the ascertainment of income and principal, and the apportionment of receipts and disbursements between tenant and remainderman, in all cases where a principal has been established with or, unless otherwise stated in this chapter, without the interposition of a trust; except that in the establishment of the principal, provision may be made touching all matters covered by this chapter, and the person establishing the principal may direct the manner of ascertainment of income and principal and the apportionment of receipts and disbursements or grant discretion to the trustee or other person to do so, and such provision and direction, where not otherwise contrary to law, shall control notwithstanding this chapter. This section is intended to be declarative of the law of Alabama from the time of enactment of the Alabama Principal and Income Act pursuant to this chapter.
Structure Code of Alabama
Title 19 - Fiduciaries and Trusts.
Chapter 3A - Alabama Principal and Income Act.
Article 6 - Miscellaneous Provisions.
Section 19-3A-601 - Uniformity of Application and Construction.
Section 19-3A-602 - Severability Clause.
Section 19-3A-603 - Effective Date.
Section 19-3A-604 - Application to Existing Trusts and Estates.
Section 19-3A-605 - Consent of Beneficiaries.
Section 19-3A-606 - Applicability to Tenant and Remainder Interests.
Section 19-3A-607 - Applicability of Section 19-3a-409.
Section 19-3A-608 - Application of Alabama Uniform Trust Code.