SB282 Alabama 2021 Session

Summary

Primary Sponsor

Shay Shelnutt Senator

Republican

Session

Regular Session 2021

Title

Trusts, Alabama Uniform Trust Code, reports of breaches of trust, further provided, procedure for release of trustee, provided, Sec. 19-3B-1306 added; Sec. 19-3B-1005 am'd.

Description

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.

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Subjects

Trusts