Ala. Code § 5-12A-8

Current through the 2024 Regular Session.
Section 5-12A-8 - Record of fiduciary accounts owning interest in fund; extent of interest

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.

Ala. Code § 5-12A-8 (1975)

Acts 1980, No. 80-658, §5-12-8.