§ 5-10A-11 — Segregation of Assets - Adjustments; Identification of Segregated Items

Alabama § 5-10A-11

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 10A: Banking Emergencies and Compliance with Federal Laws

Text

Whenever any bank is required to segregate particular assets under any rule or regulation promulgated or extended or modified under this chapter, it shall accomplish such segregation as promptly as reasonably possible and shall at and as of the close of business on each banking day adjust such segregation to the additions thereto and withdrawals therefrom in accordance with rules and regulations promulgated, extended or modified from time to time under this chapter. Transfer orders as of the close of business each banking day shall be sufficient for the purposes of any such segregation or adjustment thereof. Any segregation made in accordance with the provisions of this chapter or in accordance with any rule or regulation promulgated, extended or modified under this chapter shall be sufficient identification of the items included in such segregation for all purposes.

Legislative History

(Acts 1980, No. 80-658, §5-10-12.)