Under the Alabama Uniform Trust Code, a beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust.
This bill would define the term report to include an account statement or other form of written disclosure made by the trustee to the beneficiary.
Also under the Alabama Uniform Trust Code, certain responsibilities are imposed on a trustee when a trustee is seeking to be released from its duties due to trust termination, trustee resignation, or trustee removal.
This bill would provide a process for a trustee seeking to be released from its duties to a trust.
Pending third reading on day 23 Favorable from Banking and Insurance
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 683
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