Code of Alabama - Title 19: Fiduciaries and Trusts - Section 19-3B-709 - Reimbursement of expenses
Legal Research Home >
Alabama Lawyer
Section 19-3B-709 - Reimbursement of expenses.
(a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate for:
(1) expenses that were properly incurred in the administration of the trust, including the defense or prosecution of any action, whether successful or not, unless the trustee is determined to have willfully or wantonly committed a material breach of the trust; and
(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
(Act 2006-216, p. 314, §1.)
Sections: 19-3B-702 19-3B-703 19-3B-704 19-3B-705 19-3B-706 19-3B-707 19-3B-708 19-3B-709 19-3B-801 19-3B-802 19-3B-803 19-3B-804 19-3B-805 19-3B-806 19-3B-807
Last modified: February 19, 2012
|
