Section 19-4A-1 Idle funds defined. - Alabama Statutes

Section 19-4A-1

Idle funds defined.

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.

(Acts 1991, No. 91-129, p. 163, §1(a).)