Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.
Ala. Code § 19-3B-904
Duties at Inception of Trusteeship.
Known as the Alabama Uniform Trust Code
The act spans §§ 19-3B-1001 to 19-3B-906 (108 sections).
(Act 2006-216, p. 314, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.