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.
Structure Code of Alabama
Title 19 - Fiduciaries and Trusts.
Chapter 4A - Idle Funds in Fiduciary Accounts.
Section 19-4A-1 - Idle Funds Defined.
Section 19-4A-2 - Investment in Accordance With Terms of Governing Document.
Section 19-4A-3 - Short-Term Investment Vehicle.
Section 19-4A-4 - Reasonable Rate of Return; Considerations.
Section 19-4A-5 - Investment in Timely Manner; No Obligation to Invest Funds Less Than $1,000.