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 mistake the trust institution takes whatever action may be practical in the circumstances to remedy the mistake.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 12A - Administration, etc., of Common Trust Funds.
Section 5-12A-1 - Definitions.
Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds.
Section 5-12A-3 - Investments by Trust Institutions.
Section 5-12A-4 - Common Trust Fund Plan.
Section 5-12A-5 - Amendment of Plan.
Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts.
Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals.
Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest.
Section 5-12A-9 - Annual Audit.
Section 5-12A-10 - Quarterly Valuation of Securities in Fund.
Section 5-12A-11 - Management and Control of Fund; Ownership of Assets.
Section 5-12A-12 - Mistakes in Administration of Fund.