Section 19-4A-5 Investment in timely manner; no obligation to invest funds less than $1,000. - Alabama Statutes

Section 19-4A-5

Investment in timely manner; no obligation to invest funds less than $1,000.

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.

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