Ala. Code § 19-3D-18

Current through the 2024 Regular Session.

Section 19-3D-18 - Removal or replacement of authorized fiduciary

An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:

(1) the person holding the power consents to the modification in a signed record and the modification applies only to the person;

(2) the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or

(3) the court approves the modification and the modification grants a substantially similar power to another person.

Ala. Code § 19-3D-18 (1975)

Added by Act 2018-519,§ 18, eff. 1/1/2019.