Section 5-12A-12 – Mistakes in Administration of Fund.
Section 5-12A-12 Mistakes in administration of fund. No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this chapter or of any rules or regulations issued pursuant thereto if promptly after discovery of the […]
Section 5-12A-13 – Administration, etc., of Common Trust Funds Differing From Funds Permitted by This Chapter.
Section 5-12A-13 Administration, etc., of common trust funds differing from funds permitted by this chapter. Nothing contained in this chapter shall prohibit a trust institution, when it acts in accordance with specific authority contained in the instrument or instruments under which the trust institution acts, from establishing, maintaining, administering and investing in, without regard to […]
Section 5-12A-14 – Accountings.
Section 5-12A-14 Accountings. Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accountings in the same manner and for the same purposes as is provided by law […]
Section 5-12A-1 – Definitions.
Section 5-12A-1 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) TRUST INSTITUTION. Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the supervision of the Comptroller of the […]
Section 5-12A-2 – Trust Institutions May Establish, etc., Common Trust Funds.
Section 5-12A-2 Trust institutions may establish, etc., common trust funds. Any trust institution may establish, maintain and administer one or more common trust funds. (Acts 1980, No. 80-658, §5-12-2.)