Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 12A - Administration, Etc., of Common Trust Funds

• Section 5-12A-1 Definitions
  As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) TRUST INSTITUTION. Any state...
• Section 5-12A-2 Trust institutions may establish, etc., common trust funds
  Any trust institution may establish, maintain and administer one or more common trust funds.
• Section 5-12A-3 Investments by trust institutions
  Any trust institution, in its capacity as fiduciary or cofiduciary, whether such fiduciary capacity arose before or was created after July 8, 1943, may invest...
• Section 5-12A-4 Common trust fund plan
  Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of...
• Section 5-12A-5 Amendment of plan
  The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution. Any...
• Section 5-12A-6 Control of investments by instrument under which trust institution acts
  If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall...
• Section 5-12A-7 Investment of estate moneys in fund; withdrawals
  The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution)...
• Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest
  The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and...
• Section 5-12A-9 Annual audit
  At least once during each period of 12 months, the trust institution shall cause an audit to be made of the common trust fund by...
• Section 5-12A-10 Quarterly valuation of securities in fund
  No less frequently than once during each period of three months, the trust institution administering a common trust fund shall determine the value of the...
• Section 5-12A-11 Management and control of fund; ownership of assets
  The trust institution shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time...
• Section 5-12A-12 Mistakes in administration of fund
  No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be...
• Section 5-12A-13 Administration, etc., of common trust funds differing from funds permitted by this chapter
  Nothing contained in this chapter shall prohibit a trust institution, when it acts in accordance with specific authority contained in the instrument or instruments under...
• Section 5-12A-14 Accountings
  Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting...
• Section 5-12A-15 Taxation
  A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard...

Last modified: May 3, 2021