Alabama Code 19-4A-5. Investment in timely manner; no obligation to invest funds less than $1,000
Current as of: 2024 | Check for updates
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Terms Used In Alabama Code 19-4A-5
- Fiduciary: A trustee, executor, or administrator.
- fiduciary account: shall mean any account for which the bank or trust company has investment responsibility. See Alabama Code 19-4A-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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 receipt of collected funds; provided, however, that there shall be no obligation or requirement to invest idle funds in an amount less than $1,000.00 per each fiduciary account.