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- 2023 Edition
- Title 5. Banks and Financial Institutions
- Chapter 11a. Regulation of Trust Business of Banks and Trust Companies
- Article 2. Transfer of Fiduciary Accounts
Ala. Code § 5-11A-32 (1975) Notice of Transfer
Library | Alabama Statutes |
Edition | 2023 |
Currency | Current with legislation from the 2023 Regular and Special Sessions. |
Year | 2023 |
Citation | Ala. Code § 5-11A-32 (1975) |
(a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to the last known address (as then set forth on the records of the transferor, or if not set forth, as may be determined by the transferor in the exercise of reasonable diligence) of the following persons or entities:
(1) For employee benefit plans, to the plan sponsors.
(2) For individual retirement accounts and retirement accounts for the self-employed, to the account owners.
(3) For agency and escrow accounts, to the principals.
(4) For securities for which a transferor bank serves as trustee, registrar, transfer agent or paying agent, to the issuers.
(5) For revocable trusts under agreement, to the settlors.
(6) For irrevocable trusts under agreement, to any co-fiduciary, to the settlor, to each current income beneficiary who is an adult, and if a current income beneficiary is a minor, to a parent of the minor with whom the minor resides or to the conservator or guardian of the minor. For purposes of this subsection, "current income beneficiary" means a person currently entitled to income from a trust or a person to whom the trustee, in the trustee's discretion, may currently pay principal or income.
(7) For testamentary trusts, to the persons notified under subsection (6) of this section.
(8) For conservatorships, to any co-fiduciary, to the protected person for whom the conservatorship was created, or if the conservatorship was created for a minor, to a parent of the minor with whom the minor resides or to the guardian of the minor.
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