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 § 5-11A-7

Title 5Banks and Financial Institutions

Ch. 11ARegulation of Trust Business of Banks and Trust Companies

Art. 1General Provisions

This text of Alabama § 5-11A-7 (Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 5-11A-7 (2026).

Text

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.