This bill would provide for the Alabama Uniform Trust Decanting Act and would give the authorized fiduciary of certain trusts decanting power to modify the trust either directly or by distributing assets to another trust while still carrying out the material purposes of the settlor and protecting the beneficiaries of the trust.
This bill would provide for the fiduciary duties of the authorized fiduciary and would provide procedures for an authorized fiduciary who exercises the decanting power.
This bill would provide notice requirements and circumstances that would involve the Attorney General or the courts with respect to the decanting of certain types of trusts.
This bill would provide limitations and restrictions on the exercise of the decanting power and authorize under certain circumstances decanting of trusts for the care of an animal.
Delivered to Governor at 2:28 p.m. on March 27, 2018.
Assigned Act No. 2018-519.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1081
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Motion to Read a Third Time and Pass adopted Roll Call 352
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature