Alabama Code 5-11A-30. Transfer between related institutions
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Terms Used In Alabama Code 5-11A-30
- Fiduciary: A trustee, executor, or administrator.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the “transferor”) may transfer one or more fiduciary accounts administered by such bank, trust company or trust department to another bank, trust company or trust department (hereinafter to be known as the “transferee”); provided, however, that the transferor and transferee banks are related institutions, as that term is hereinafter defined in Section 5-11A-36, and that the transferee bank has trust powers.