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.
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.