Under the Alabama Uniform Trust Decanting Act, after giving statutorily required notice to certain persons, an authorized fiduciary of a trust may exercise decanting power without the consent of any person and without court approval under certain conditions. A person entitled to notice or a beneficiary of the trust may challenge the exercise of the decanting power by the authorized fiduciary if the challenge is commenced within six months from the date notice is given and it is alleged that the proposed or attempted exercise of the decanting power did not comply with the law or was an abuse of the authorized fiduciary's discretion or a breach of fiduciary duty
Also under existing law, failure to receive notice as required does not extend the notice period if the authorized fiduciary acted with reasonable diligence to comply with the legal requirements of the Uniform Trust Decanting Act
This bill would clarify that failure to receive notice of the exercise of the decanting power by the authorized fiduciary does not extend the requirement to commence a challenge within six months if the authorized fiduciary acted with reasonable diligence to comply with the requirements of the act
Relating to the Alabama Uniform Trust Decanting Act; to amend Sections 19-3D-7 and 19-3D-9, Code of Alabama 1975, to provide further for the failure to receive notice.
|May 6, 2021||H||Indefinitely Postponed|
|February 23, 2021||H||Read for the second time and placed on the calendar|
|February 2, 2021||H||Read for the first time and referred to the House of Representatives committee on Financial Services|
|Hearing||February 23, 2021||Room 617 at 11:00||House FS Hearing|