Alabama Code 35-5A-5. Transfer by gift or exercise of power of appointment
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Terms Used In Alabama Code 35-5A-5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- property: includes both real and personal property. See Alabama Code 1-1-1
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Section property and effecting transfer; form of transfer; control of custodial property” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”35″>35-5A-10.