Code of Alabama
Title 19 - Fiduciaries and Trusts.
Chapter 3A - Alabama Principal and Income Act.

Article 1 - Definitions and Fiduciary Duties.

Section 19-3A-101 - Short Title. - This chapter shall be known and may be cited as...

Section 19-3A-102 - Definitions. - As used in this chapter, the following terms are defined...

Section 19-3A-103 - Fiduciary Duties; General Principles. - (a) In allocating receipts and disbursements to or between principal...

Section 19-3A-104 - Trustee's Power to Adjust. - (a) If the terms of the trust expressly provide by...

Section 19-3A-105 - Express Unitrusts. - Except to the extent otherwise provided in the governing instrument,...

Section 19-3A-106 - Conversion to Unitrust. - (a) Unless expressly prohibited by the governing instrument, a trustee...

Article 2 - Decedent's Estate or Terminating Income Interest.

Section 19-3A-201 - Determination and Distribution of Net Income. - After the decedent's death, in the case of a decedent's...

Section 19-3A-202 - Distribution to Residuary and Remainder Beneficiaries. - (a) Each beneficiary described in Section 19-3A-201(d) is entitled to...

Article 3 - Apportionment at Beginning and End of Income Interest.

Section 19-3A-301 - When Right to Income Begins and Ends. - (a) An income beneficiary is entitled to net income from...

Section 19-3A-302 - Apportionment of Receipts and Disbursements Upon Decedent's Death or When Income Interest Begins. - (a) A fiduciary shall allocate an income receipt or disbursement,...

Section 19-3A-303 - Apportionment When Income Interest Ends. - (a) For the purposes of this section, "undistributed income" means...

Article 4 - Allocation of Receipts During Administration.

Section 19-3A-401 - Character of Receipts. - (a) For purposes of this section, "entity" means a corporation,...

Section 19-3A-402 - Distributions From Trust or Decedent's Estate. - A fiduciary shall allocate to income an amount received as...

Section 19-3A-403 - Business and Other Activities Conducted by Fiduciary. - (a) If a fiduciary who conducts a business or other...

Section 19-3A-404 - Principal Receipts. - A fiduciary shall allocate to principal: (1) To the extent...

Section 19-3A-405 - Rental Property. - To the extent the fiduciary does not account for receipts...

Section 19-3A-406 - Bonds and Other Obligations. - (a) An amount received as interest, whether determined at a...

Section 19-3A-407 - Insurance Policies and Similar Contracts. - (a) Except as otherwise provided in subsection (b), a fiduciary...

Section 19-3A-408 - Insubstantial Allocations Not Required. - (a) If a fiduciary determines that an allocation between principal...

Section 19-3A-409 - Deferred Compensation, Annuities, and Similar Payments. - (a) In this section: (1) "Payment" means a payment that...

Section 19-3A-410 - Liquidating Assets. - (a) In this section, "liquidating asset" means an asset whose...

Section 19-3A-411 - Minerals, Water, and Other Natural Resources. - (a) To the extent that a fiduciary accounts for receipts...

Section 19-3A-412 - Timber. - (a) To the extent that a fiduciary accounts for receipts...

Section 19-3A-413 - Property Not Productive of Income. - (a) If a marital deduction is allowed for all or...

Section 19-3A-415 - Asset-Backed Securities. - (a) In this section, "asset-backed security" means an asset whose...

Section 19-3A-414 - Derivative Instruments and Options. - (a) In this section, "derivative instrument" means a contract, a...

Article 5 - Allocation of Disbursements During Administration of Trust or Decendent's Estate.

Section 19-3A-501 - Disbursements From Income. - A trustee shall make the following disbursements from income to...

Section 19-3A-502 - Disbursements From Principal. - (a) A trustee shall make the following disbursements from principal:...

Section 19-3A-503 - Transfers From Income to Principal for Depreciation. - (a) In this section, "depreciation" means a reduction in value...

Section 19-3A-504 - Transfers From Income to Reimburse Principal. - (a) If a fiduciary makes or expects to make a...

Section 19-3A-505 - Income Taxes. - (a) A tax required to be paid by a fiduciary...

Section 19-3A-506 - Adjustments Between Principal and Income Because of Taxes. - (a) A fiduciary may make adjustments between principal and income...

Article 6 - Miscellaneous Provisions.

Section 19-3A-601 - Uniformity of Application and Construction. - In applying and construing this uniform act, consideration shall be...

Section 19-3A-602 - Severability Clause. - If any provision of this chapter or its application to...

Section 19-3A-603 - Effective Date. - This chapter shall become effective on January 1, 2001, and...

Section 19-3A-604 - Application to Existing Trusts and Estates. - This chapter shall become applicable on January 1, 2001, to...

Section 19-3A-605 - Consent of Beneficiaries. - A fiduciary may at any time obtain the written consent...

Section 19-3A-606 - Applicability to Tenant and Remainder Interests. - This chapter shall govern the ascertainment of income and principal,...

Section 19-3A-607 - Applicability of Section 19-3a-409. - Section 19-3A-409, as amended by Act 2012-550, applies to a...

Section 19-3A-608 - Application of Alabama Uniform Trust Code. - The provisions of the Alabama Uniform Trust Code apply to...