Section 5-12A-12 Mistakes in administration of fund. - Alabama Statutes

Section 5-12A-12

Mistakes in administration of fund.

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.

(Acts 1980, No. 80-658, §5-12-12.)