§ 5-11A-37 — Appointment of Agent

Alabama § 5-11A-37

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 11A: Regulation of Trust Business of Banks and Trust Companies
• Art. 2: Transfer of Fiduciary Accounts

Text

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 may appoint a related bank, trust company or trust department as its agent for the performance of all acts, obligations and responsibilities of the bank with respect to any fiduciary account. In such an event, the appointing bank shall remain fully responsible and liable with respect to all actions of the related bank, trust company or trust department as if performed by the appointing bank itself. No such agency relationship shall:
(1) Be deemed an impermissible delegation of responsibility or duty by the appointing bank;
(2) Constitute a resignation or disqualification of the appointing bank as fiduciary or relinquishment of trust powers by the appointing bank; or
(3) Require the consent of any person, entity, court or other governmental authority.

Legislative History

(Acts 1989, No. 89-539, p. 1127, §8.)