Alabama § 19-3-9 Satisfaction of Pecuniary Gifts by Distribution of Property in Kind

Alabama Statutes

§ 19-3-9 — Satisfaction of Pecuniary Gifts by Distribution of Property in Kind

Alabama·Title 19 Fiduciaries and Trusts·Ch. 3 Trusts·Art. 1 General Provisions

(a)Where by the terms of a will or trust instrument a fiduciary may or must satisfy a pecuniary gift thereunder by distributing or allocating property in kind according to the value thereof other than the value on the date of distribution or allocation, the fiduciary, in satisfying such gift from the property available therefor, shall, unless the governing document expressly prohibits such a selection of property, select property, including cash, fairly representative of appreciation or depreciation in the value at the date or dates of distribution or allocation of all property then available for distribution or allocation in satisfaction of such gift.

(b)The enactment of this section is not intended to imply that the present law of this state, relating to selection of property by fiduci

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(a) Where by the terms of a will or trust instrument a fiduciary may or must satisfy a pecuniary gift thereunder by distributing or allocating property in kind according to the value thereof other than the value on the date of distribution or allocation, the fiduciary, in satisfying such gift from the property available therefor, shall, unless the governing document expressly prohibits such a selection of property, select property, including cash, fairly representative of appreciation or depreciation in the value at the date or dates of distribution or allocation of all property then available for distribution or allocation in satisfaction of such gift.
(b) The enactment of this section is not intended to imply that the present law of this state, relating to selection of property by fiduciaries in the circumstances herein described, has been otherwise than as set forth in subsection (a) of this section.

Alabama § 19-3-9 (Satisfaction of Pecuniary Gifts by Distribution of Property in Kind) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.