Section 19-5-12 – Chapter Effective as to Transfers in Trust, etc., on and After January 1, 1987.
Section 19-5-12 Chapter effective as to transfers in trust, etc., on and after January 1, 1987. This chapter shall be effective with respect to transfers in trust, and decedents dying, on and after January 1, 1987. (Acts 1988, No. 88-340, p. 516, §13.)
Section 19-4-42 – Applicability of Provisions of Article.
Section 19-4-42 Applicability of provisions of article. This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting. (Acts 1976, No. 625, p. 858, §3.)
Section 19-5-9 – Exercise of Authority by Fiduciary.
Section 19-5-9 Exercise of authority by fiduciary. A fiduciary may exercise the authority herein granted without prior approval or leave of any court. A fiduciary may also exercise the authority granted in each section contained herein concurrently with the authority granted in each other section contained herein. (Acts 1988, No. 88-340, p. 516, §9.)
Section 19-4A-1 – Idle Funds Defined.
Section 19-4A-1 Idle funds defined. 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 company has investment responsibility. (Acts […]
Section 19-5-10 – Fiduciary Not Liable for Acts in Good Faith.
Section 19-5-10 Fiduciary not liable for acts in good faith. Any fiduciary who in good faith acts or fails to act shall not be liable to any person for taking or failing to take any action authorized or required by this chapter. (Acts 1988, No. 88-340, p. 516, §10.)
Section 19-4A-2 – Investment in Accordance With Terms of Governing Document.
Section 19-4A-2 Investment in accordance with terms of governing document. 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).)
Section 19-5-11 – Applicability of Chapter.
Section 19-5-11 Applicability of chapter. This chapter applies to any trust or estate that may be subject to Chapter 13 of the Internal Revenue Code. (Acts 1988, No. 88-340, p. 516, §11.)
Section 19-4A-3 – Short-Term Investment Vehicle.
Section 19-4A-3 Short-term investment vehicle. 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 accepted investment vehicle for the investment of […]
Section 19-4A-4 – Reasonable Rate of Return; Considerations.
Section 19-4A-4 Reasonable rate of return; considerations. 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 beneficiary, the quality of the investment, […]
Section 19-4A-5 – Investment in Timely Manner; No Obligation to Invest Funds Less Than $1,000.
Section 19-4A-5 Investment in timely manner; no obligation to invest funds less than $1,000. In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a timely manner consistent with the technology employed by the fiduciary but not to exceed 10 business days after the […]