Public-domain · open source
OpenJurist

Ala. Code § 19-4A-1

Idle Funds Defined.

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

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.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.