Alabama § 5-11A-7 Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose

Alabama Statutes

§ 5-11A-7 — Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose

Alabama·Title 5 Banks and Financial Institutions·Ch. 11A Regulation of Trust Business of Banks and Trust Companies·Art. 1 General Provisions

The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities deposited. Such deposit is to secure the payment of all liabilities of the company making the deposit as a guardian, administrator, executor, receiver, trustee or other fiduciary under appointment of any court of this state where the company has claimed exemption from giving bond by reason of having this deposit, and all such liabilities shall constitute a first claim on said bonds or other securities deposited as against all other liabilities of said company.

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The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities deposited. Such deposit is to secure the payment of all liabilities of the company making the deposit as a guardian, administrator, executor, receiver, trustee or other fiduciary under appointment of any court of this state where the company has claimed exemption from giving bond by reason of having this deposit, and all such liabilities shall constitute a first claim on said bonds or other securities deposited as against all other liabilities of said company.

Alabama § 5-11A-7 (Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.