§ 2-3-404 — Common trust fund distinct from participating fiduciaries

(a) Each common trust fund established hereunder is a
separate and distinct entity from the fiduciaries participating
in the fund. No fiduciary in administering its and other
fiduciaries participation in a common trust fund may be required
to make any apportionment or allocation between the principal
and income of the fund between the participating fiduciaries
different from that made for the common trust fund.
(b) No fiduciary participating in a common trust fund, or
person having an interest in property invested in the common
trust fund, may have or be considered to have any ownership in
any particular property of the common trust fund. Each
participating fiduciary shall have a proportionate undivided
interest in the fund and its income. The ownership of all
property of the common trust fund shall be in the trustee of the
fund.