SB282 Alabama 2021 Session

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.

Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-1005, Code of Alabama 1975, to further provide for reports of the existence of a potential claim for breach of trust; and to add Section 19-3B-1306 to the Code of Alabama 1975, to provide a procedure for the release of a trustee from its duties to a trust.