No holder of the shares of, or beneficial interest in, a real estate investment trust shall be personally liable for any liabilities, duties or obligations of, or claims against, the real estate investment trust, whether arising before or after the holder became the owner or holder of the shares or beneficial interest.
Ala. Code § 10A-10-1.18
Nonliability of Shareholders for Obligations of Trust.
Known as the Alabama Real Estate Investment Trust Law
The act spans §§ 10A-10-1.01 to 10A-10-1.24 (24 sections).
(Acts 1995, No. 95-628, p. 1317, §18; §10-13-18; amended and renumbered by Act 2009-513, p. 967, §308.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.