Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 11A - Regulation of Trust Business of Banks and Trust Companies

• Article 1 General Provisions.
• Section 5-11A-1 Amenability of trust companies to banking laws; use of word "trust" in corporate name generally; operation of trust departments, etc., by banks
  All corporations organized and operating as trust companies shall have the word "trust" as a part of their corporate names, shall be amenable to the...
• Section 5-11A-1.1 Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements
  All corporations organized under this chapter shall have the right to establish offices in the same manner as a bank may establish branches under this...
• Section 5-11A-2 Written approval of superintendent to conduct trust business
  No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior...
• Section 5-11A-3 Capital stock requirements for trust companies
  No trust company hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $1,000,000.00.
• Section 5-11A-4 Use of word "trust" in designation or name of entity
  Except in the case of any entity which is organized and operating under the laws of Alabama, other states, or the United States as a...
• Section 5-11A-5 Deposit of security for operation of trust business - Amount required and form; charges against deposit
  Any corporation organized and operating as a trust company or as a bank authorized by law to do a trust business may deposit with the...
• Section 5-11A-6 Deposit of security for a operation of trust business - State Treasurer to decline certain bonds or securities
  The State Treasurer shall decline to receive bonds or other securities of a market value less than par and may, in his discretion, decline to...
• Section 5-11A-7 Deposit of security for a operation of trust business - Certificate of deposit; purpose
  The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and...
• Section 5-11A-8 Sale of bonds or securities for satisfaction of judgment against trust company
  When any person, firm or corporation has established by final court proceedings a claim against said company to secure which said bonds or other securities...
• Section 5-11A-9 Exemption of trust companies, etc., acting as administrators, etc., from bond requirement
  Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise...
• Section 5-11A-10 Withdrawal of bonds or securities from deposit with trustees
  All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds,...
• Section 5-11A-11 Interest on bonds or securities deposited with Treasurer payable to trust companies
  The interest falling due from time to time on bonds or other securities on deposit with the State Treasurer in accordance with Section 5-11A-5 shall...
• Section 5-11A-12 Trust company authorized to purchase its own securities in fiduciary capacity
  A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by...
• Article 2 Transfer of Fiduciary Accounts.
• Section 5-11A-30 Transfer between related institutions
  Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the "transferor")...
• Section 5-11A-31 Approval of superintendent
  Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent...
• Section 5-11A-32 Notice of transfer
  (a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to...
• Section 5-11A-33 Objection to transfer; hearing on objection; appointment of related institution as agent
  (a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking...
• Section 5-11A-34 Filing of affidavit in office of judge of probate; filing of notice of abandonment
  (a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32...
• Section 5-11A-35 Substitution of transferee bank, trust company or trust department as fiduciary; effect
  If a bank, trust company or trust department completes a fiduciary transfer, the bank, trust company or trust department to which such fiduciary accounts have...
• Section 5-11A-36 "Related" defined
  A transferor bank, trust company or trust department is "related" to a transferee bank, trust company or trust department if: (1) Such transferee controls the...
• Section 5-11A-37 Appointment of agent
  Regardless of objection to any fiduciary transfer as provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under this article, any bank...

Last modified: May 3, 2021