Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Chapter 16 - Business Trusts

• Section 10A-16-1.01 Definition of "business trust."
  A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold...
• Section 10A-16-1.02 Establishment; lawful purposes
  A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not...
• Section 10A-16-1.03 Powers and liabilities of trustees; liability of trust for acts of trustees
  The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over the property...
• Section 10A-16-1.04 Certificate of ownership; liability of beneficial owners
  The beneficial ownership in a business trust may be evidenced by certificates issued by the trustees. These beneficial interests, whether certificated or uncertificated, shall be...
• Section 10A-16-1.05 Contents and recordation of declaration of trust
  (a) The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation, and removal of a...
• Section 10A-16-1.06 Duration of business trust; rules against perpetuities and restraint of alienation not violated
  A business trust shall not be deemed invalid as violating the rule against perpetuities or the law against suspension of the powers of alienation. Such...
• Section 10A-16-1.07 Suits against trust; property subject to attachment and execution
  A business trust may be sued for debts and other obligations incurred by the trustees in the performance of their duties under the declaration of...

Last modified: May 3, 2021