Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise provided in this code for the administration of the affairs of war veterans, under appointment of any court of this state, and which maintains the deposit provided for in Section 5-11A-5, shall be entitled as a matter of right to exemption from giving bond before receiving authority to act in any of the above capacities, provided its aggregate liabilities, to secure which said bonds or other securities are deposited, do not exceed five times the par value of said securities. When such company desires exemption from giving any such bond, it shall file with the officer who would otherwise require such bonds a sworn statement showing the amount in value of the bonds or other securities on deposit with the State Treasurer, and that the liabilities of the company protected by such deposit do not exceed five times the par value of said bonds or other securities, together with a certificate from the State Treasurer showing the amount of such deposit.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.
Article 1 - General Provisions.
Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business.
Section 5-11A-3 - Capital Stock Requirements for Trust Companies.
Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity.
Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company.
Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees.
Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.