Section 38-9B-2 Definitions.
Section 38-9B-2
Definitions.
As used in this chapter, the following words shall have the following meanings:
(1) ALABAMA FAMILY CHARITABLE TRUST (AFT CHARITABLE TRUST). The trust established by the board of trustees that qualifies as a tax exempt charitable entity under the United States Internal Revenue Code, to provide benefits for individuals for whom no contribution to the AFT Trust has been made.
(2) ALABAMA FAMILY TRUST (AFT TRUST). The Alabama Family Trust established pursuant to this chapter.
(3) ALABAMA FAMILY TRUST CORPORATION (AFT CORPORATION). An Alabama not-for-profit corporation established by the board of trustees pursuant to this chapter that qualifies as a tax exempt charitable organization under the United States Internal Revenue Code.
(4) BOARD OF TRUSTEES. The Alabama Family Trust Board of Trustees established pursuant to this chapter.
(5) COMMISSIONER. The Commissioner of the Alabama Department of Mental Health.
(6) CONTRIBUTION. The balance of all amounts placed in a particular account but not including any appreciation in value of investments or accretions thereto resulting from any source, such as dividends, interest, and capital gains. In no event shall contribution mean more than the total of all contributions made to a particular account.
(7) CONTRIBUTOR. Any person who makes a donation directly to the AFT Corporation or the AFT Charitable Trust.
(8) CO-TRUSTEE. Any person named by the donor to work with the board of trustees in providing benefits to a life beneficiary, except neither the donor nor the donor's spouse shall be the co-trustee if the donor or the donor's spouse is the life beneficiary.
(9) DEPARTMENT. The Alabama Department of Mental Health.
(10) DONOR. Any person who contributes assets to the AFT Trust to establish an account for a life beneficiary.
(11) IMPAIRMENT. A mental or physical disability that substantially limits one or more major life activities, whether the impairment is congenital or acquired by accident, injury, age, or disease, and where the impairment is verified by medical findings.
(12) LIFE BENEFICIARY. A beneficiary designated by a donor to the AFT Trust.
(13) NET INCOME. The earnings received on investments less expenses and fees for administration.
(14) REQUESTING PARTY. The party requesting arbitration of a dispute regarding benefits to be provided by the AFT Trust.
(15) RESPONDING PARTY. The party not requesting arbitration of a dispute regarding benefits to be provided by the AFT Trust.
(16) SUCCESSOR LIFE BENEFICIARY. A successor life beneficiary designated by the donor to the AFT Trust, who is a legal sibling of the life beneficiary and who otherwise qualifies as a life beneficiary under the conditions of this chapter.
(17) SUCCESSOR TRUST. The trust established upon distribution by the board of trustees pursuant to notice of agreement of withdrawal or termination with a co-trustee and administered as set forth in this chapter.
(18) SUCCESSOR TRUSTEE. The trustee as designated by the donor who shall administer the successor trust.
(19) TRUSTEE. A member of the Alabama Family Trust Board of Trustees.
(Acts 1994, No. 94-579, p. 1054, §2; Act 2000-141, p. 194, §1; Act 2006-604, p. 1658, §1.)