Alabama Code 19-4A-1. Idle funds defined
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Terms Used In Alabama Code 19-4A-1
- Fiduciary: A trustee, executor, or administrator.
- fiduciary account: shall mean any account for which the bank or trust company has investment responsibility. See Alabama Code 19-4A-1
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.