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 § 5-12A-8

Title 5Banks and Financial Institutions

Ch. 12AAdministration, Etc., of Common Trust Funds

This text of Alabama § 5-12A-8 (Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest) 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 § 5-12A-8 (2026).

Text

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.