Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest. - Alabama Statutes

Section 5-12A-8

Record of fiduciary accounts owning interest in fund; extent of interest.

The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.

(Acts 1980, No. 80-658, §5-12-8.)