(a)

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Terms Used In Alabama Code 19-3E-8

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • Trustee: A person or institution holding and administering property in trust.
(1) If a person serving as a qualified trustee ceases to meet the requirements of a qualified trustee and there remains no trustee that meets the requirements of a qualified trustee, the person serving as qualified trustee is considered to have resigned as of the time of the cessation and the successor qualified trustee provided for in the trust instrument becomes a qualified trustee of the trust on the successor qualified trustee’s acceptance of trusteeship.
(2) In the absence of a successor qualified trustee provided for in the trust instrument, the court having jurisdiction, on petition of a qualified beneficiary, shall appoint a successor qualified trustee.
(b) A disposition that was a qualified disposition does not cease to be a qualified disposition as a result of a subsequent vacancy in the position of qualified trustee if a successor qualified trustee is appointed or a proceeding for the appointment of a successor qualified trustee is commenced within a reasonable time after a person with authority to appoint a qualified trustee or commence a proceeding to appoint a qualified trustee knows of the vacancy.
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