Alabama § 10A-16-1.03 Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees

Alabama Statutes

§ 10A-16-1.03 — Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees

Alabama § 10A-16-1.03

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 16Business Trusts

This text of Alabama § 10A-16-1.03 (Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 10A-16-1.03 (2026).

Text

The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over the property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omission, or obligation of a trustee of a business trust, when acting in such capacity, shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such obligation, but no trustee shall be personally liable for any such act, omission, or obligation. The trustees shall have the powers as to the investment of the trust estate as may be set out in the declaration of trust without regard to the type of investments to which trustees generally are restricted by the provisions of Article 6 o

Free access — add to your briefcase to read the full text and ask questions with AI

The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over the property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omission, or obligation of a trustee of a business trust, when acting in such capacity, shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such obligation, but no trustee shall be personally liable for any such act, omission, or obligation. The trustees shall have the powers as to the investment of the trust estate as may be set out in the declaration of trust without regard to the type of investments to which trustees generally are restricted by the provisions of Article 6 of Chapter 3 of Title 19 or otherwise.