Alabama § 5-12A-8 Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest

Alabama Statutes

§ 5-12A-8 — Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest

Alabama·Title 5 Banks and Financial Institutions·Ch. 12A Administration, Etc., of Common Trust Funds

The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.

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The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.

Alabama § 5-12A-8 (Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.