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2020 Code of Alabama
Title 19 - Fiduciaries and Trusts.
Chapter 4A - Idle Funds in Fiduciary Accounts.
Section 19-4A-5 - Investment in Timely Manner; No Obligation to Invest Funds Less Than $1,000.
Universal Citation: AL Code § 19-4A-5 (2020)
Section 19-4A-5
Investment in timely manner; no obligation to invest funds less than $1,000.
In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a timely manner consistent with the technology employed by the fiduciary but not to exceed 10 business days after the receipt of collected funds; provided, however, that there shall be no obligation or requirement to invest idle funds in an amount less than $1,000.00 per each fiduciary account.
(Acts 1991, No. 91-129, p. 163, §1(e).)
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