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2019 Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 12A - Administration, etc., of Common Trust Funds.
Section 5-12A-8 - Record of fiduciary accounts owning interest in fund; extent of interest.
Universal Citation: AL Code § 5-12A-8 (2019)
Section 5-12A-8Record 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 the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.
(Acts 1980, No. 80-658, §5-12-8.)
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