™Your Policy Risk Impact Agent
12 chapters · 320 sections in this title.
Ala. Code § 19-4A-1 Idle Funds Defined
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Idle funds are defined as collected income and principal cash balances received by a fiduciary and held awaiting investment in or distribution from a fiduciary account. As used in this chapter, the term “fiduciary account” shall mean any account for which the bank or trust compan…
Ala. Code § 19-4A-2 Investment in Accordance with Terms of Governing Document
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A bank or trust company duly authorized to exercise fiduciary powers through the operation of a trust department shall invest idle funds in each fiduciary account in accordance with the specific terms of the governing document. (Acts 1991, No. 91-129, p. 163, §1(b).)
Ala. Code § 19-4A-3 Short-Term Investment Vehicle
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In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a short-term investment vehicle, which may include a deposit in an interest-bearing account, a money market mutual fund, or any other generally ac…
Ala. Code § 19-4A-4 Reasonable Rate of Return; Considerations
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In the absence of specific instructions in the governing document, the fiduciary shall select an investment vehicle for idle funds in each fiduciary account which should provide a reasonable rate of return, taking into consideration the income needs of the current income benefici…