Alabama Code 22-21-240. Establishment, administration, etc., of trusts authorized; specification of terms, conditions and provisions of trusts
Terms Used In Alabama Code 22-21-240
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- Trustee: A person or institution holding and administering property in trust.
There is hereby authorized the establishment, maintenance, administration and operation of any trust established by agreement of any hospitals or other health care units licensed as such by the State of Alabama (hereinafter referred to as “hospitals”) or by agreement of any dental practitioners licensed as such by the State of Alabama (hereinafter referred to as “dentists”) as grantors, with such hospitals and dentists as beneficiaries, for the purpose of insuring against general public liability claims based upon acts or omissions of such hospitals or dentists, including without limitation, claims based upon malpractice.
Such hospitals or dentists may, by trust agreement among themselves and a trustee or trustees of their selection, specify the terms, conditions and provisions of such a trust.