reglab/housing_qa huggingface dataset:
AL Code § 5-11A-1 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate Name Generally; Operation of Trust Departments, etc., by Banks.

Section 5-11A-1Amenability of trust companies to banking laws; use of word "trust" in corporate name generally; operation of trust departments, etc., by banks. All corporations organized and operating as trust companies shall have the word "trust" as a part of their corporate names, shall be amenable to the general banking laws of the state insofar as said laws are applicable to trust companies and not in conflict with the provisions of this chapter and shall be examined by the superintendent as state banks are examined. The word "trust" need not be a part of the corporate name of any corporation now or hereafter organized under the laws of this state to do a banking business and all such banks, although the word "trust" is not a part of their corporate names, shall have the right to operate and conduct a trust department, become trustees for any purpose, be appointed and act as executors, administrators, guardians and receivers and do any business and exercise any powers incident to the business of trust and banking companies doing banking business after the board of directors of the corporation shall have adopted an appropriate resolution and obtained the written approval of the superintendent authorizing the conduct and operation of a trust department, and a copy of such resolution and written approval certified to by the president and cashier of such bank under the corporate seal of such corporation shall have been filed in the office where the certificate of incorporation of the bank has been filed. (Acts 1980, No. 80-658, §5-11-1.)
AL Code § 5-11A-1.1 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Reciprocity; Cooperative Agreements.

Section 5-11A-1.1Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements.  All corporations organized under this chapter shall have the right to establish offices in the same manner as a bank may establish branches under this title. At the discretion of the superintendent, out-of-state trust companies and out-of-state banks may also establish offices in this state in the same manner as out-of-state banks may establish branches in this state provided the superintendent determines that reciprocity exists so that an Alabama bank or trust company could establish a similar office under substantially equivalent requirements in the home state of the out-of-state bank or trust company. The superintendent may enter into cooperative, coordinated, and information-sharing agreements with any other bank supervisory agencies with respect to the establishment, acquisition, periodic examination, or other supervision of any office in this state of an out-of-state bank or trust company or any office of an Alabama state-chartered bank or trust company in any host state, and the superintendent may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over the bank or trust company. (Act 2007-224, p. 284, §2.)
AL Code § 5-11A-2 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business.

Section 5-11A-2Written approval of superintendent to conduct trust business. No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the certificate of incorporation of the bank might contain language covering such authority. (Acts 1980, No. 80-658, §5-11-2.)
AL Code § 5-11A-3 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-3 - Capital Stock Requirements for Trust Companies.

Section 5-11A-3Capital stock requirements for trust companies. No trust company hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $1,000,000.00. (Acts 1980, No. 80-658, §5-11-3.)
AL Code § 5-11A-4 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity.

Section 5-11A-4Use of word "trust" in designation or name of entity. Except in the case of any entity which is organized and operating under the laws of Alabama, other states, or the United States as a trust company or as a combined bank and trust company and which has complied with the requirements of Sections 5-11A-1 and 5-11A-3 or with similar laws of other states or of the United States, no firm, partnership, limited liability company, corporation, or other entity shall use the word "trust" or a word or words of similar meaning in any foreign language as a part of its designation or name or in connection with its business if such use of the word "trust" or word or words of similar meaning in any foreign language is likely to give the impression that the entity is lawfully organized and operating as a bank or trust company or would otherwise mislead or confuse the public regarding the lawful business of the entity. Any violation of this section shall subject the party chargeable therewith to a penalty of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars ($50,000), during which such violation is committed or repeated. Such penalty may be recovered by the superintendent by an action instituted for that purpose, and, in addition to the penalty, such violation may be enjoined and the injunction enforced as in other cases. If the directors, officers, or those persons performing similar functions as corporate directors or officers of any entity knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, employees, or those persons performing similar functions of the entity to violate any of the provisions of this section, each and every such director, officer, or person engaging in such knowing and willful violation or knowing and willful permission shall be liable in his or her personal and individual capacity for all damages which the entity or any other person shall have sustained in consequence of such violation. (Acts 1980, No. 80-658, §5-11-4; Act 2007-224, p. 284, §1.)
AL Code § 5-11A-5 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; Charges Against Deposit.

Section 5-11A-5Deposit of security for operation of trust business - Amount required and form; charges against deposit. Any corporation organized and operating as a trust company or as a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere United States bonds, bonds, notes or debentures of any federal agency such as a federal land bank, banks for cooperatives, Farm Home Administration, Federal National Mortgage Association, etc., Alabama bonds, bonds of any city or county in the State of Alabama or mortgages which are first liens on real estate, worth in each case double the face of the mortgage, situated in this state, to an amount not less than $25,000.00, and may increase said deposit from time to time or reduce the same to an amount not less than $25,000.00, or may withdraw the deposit entirely, provided such trust companies or banks have made final settlement and accounted for all assets in their possession and under their control by reason of any appointment under this chapter. Immediately upon the appointment of any bank or trust company to act as guardian, administrator, executor, receiver or trustee or other fiduciary by the judge of any court in this state, under Section 5-11A-9, said judge shall certify such appointment under his seal of office to the State Treasurer, giving the name and amount of assets of the estate or cestui que trusts; and, upon receipt of said certificate, the State Treasurer shall charge against any deposit the liability under said appointment. (Acts 1980, No. 80-658, §5-11-5.)
AL Code § 5-11A-6 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decline Certain Bonds or Securities.

Section 5-11A-6Deposit of security for a operation of trust business - State Treasurer to decline certain bonds or securities. The State Treasurer shall decline to receive bonds or other securities of a market value less than par and may, in his discretion, decline to receive any bonds or other securities that he considers unsafe or unsuitable for the purpose. (Acts 1980, No. 80-658, §5-11-6.)
AL Code § 5-11A-7 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose.

Section 5-11A-7Deposit of security for a operation of trust business - Certificate of deposit; purpose. The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities deposited. Such deposit is to secure the payment of all liabilities of the company making the deposit as a guardian, administrator, executor, receiver, trustee or other fiduciary under appointment of any court of this state where the company has claimed exemption from giving bond by reason of having this deposit, and all such liabilities shall constitute a first claim on said bonds or other securities deposited as against all other liabilities of said company. (Acts 1980, No. 80-658, §5-11-7.)
AL Code § 5-11A-8 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company.

Section 5-11A-8Sale of bonds or securities for satisfaction of judgment against trust company. When any person, firm or corporation has established by final court proceedings a claim against said company to secure which said bonds or other securities were deposited and said claim is not paid within 30 days by said company, the State Treasurer shall proceed forthwith to sell a sufficient number of said bonds to pay the judgment against said company and pay said judgment by paying the amount to the proper official of the court wherein said judgment exists. (Acts 1980, No. 80-658, §5-11-8.)
AL Code § 5-11A-9 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Requirement.

Section 5-11A-9Exemption of trust companies, etc., acting as administrators, etc., from bond requirement. Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise provided in this code for the administration of the affairs of war veterans, under appointment of any court of this state, and which maintains the deposit provided for in Section 5-11A-5, shall be entitled as a matter of right to exemption from giving bond before receiving authority to act in any of the above capacities, provided its aggregate liabilities, to secure which said bonds or other securities are deposited, do not exceed five times the par value of said securities. When such company desires exemption from giving any such bond, it shall file with the officer who would otherwise require such bonds a sworn statement showing the amount in value of the bonds or other securities on deposit with the State Treasurer, and that the liabilities of the company protected by such deposit do not exceed five times the par value of said bonds or other securities, together with a certificate from the State Treasurer showing the amount of such deposit. (Acts 1980, No. 80-658, §5-11-9.)
AL Code § 5-11A-10 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees.

Section 5-11A-10Withdrawal of bonds or securities from deposit with trustees. All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendered against said companies may, upon making a deposit of securities in accordance with the provisions of Section 5-11A-5 withdraw from the custody of said trustees said bonds, stocks or other securities so deposited with said trustees and shall not thereafter be required to maintain any such deposit with trustees, any provisions of the charter of said companies to the contrary notwithstanding. (Acts 1980, No. 80-658, §5-11-10.)
AL Code § 5-11A-11 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Companies.

Section 5-11A-11Interest on bonds or securities deposited with Treasurer payable to trust companies. The interest falling due from time to time on bonds or other securities on deposit with the State Treasurer in accordance with Section 5-11A-5 shall be payable to the corporation depositing such bonds or other securities, and the Treasurer may send to such corporation a reasonable time before each interest period the coupons or interest note representing the interest to become due at such interest period. (Acts 1980, No. 80-658, §5-11-11.)
AL Code § 5-11A-12 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 1 - General Provisions.|Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.

Section 5-11A-12Trust company authorized to purchase its own securities in fiduciary capacity. A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate which includes the financial institution or an affiliate of the financial institution, provided such purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. The provisions of this section shall apply to purchases of bonds or other securities made at the time of the initial offering thereof or at any time thereafter. (Acts 1987, No. 87-826, p. 1674; Acts 1989, No. 89-520, p. 1067.)
AL Code § 5-11A-30 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-30 - Transfer Between Related Institutions.

Section 5-11A-30Transfer between related institutions. 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. (Acts 1989, No. 89-539, p. 1127, §1.)
AL Code § 5-11A-31 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-31 - Approval of Superintendent.

Section 5-11A-31Approval of superintendent. Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent of written notice from the transferor bank of the proposed transfer. (Acts 1989, No. 89-539, p. 1127, §2.)
AL Code § 5-11A-32 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-32 - Notice of Transfer.

Section 5-11A-32Notice of transfer. (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. (9) For guardianships, to any co-fiduciary, to the minor or legally incapacitated person for whom the guardian was appointed if the ward is at least 14 years of age. (10) For probate estates, to any co-fiduciary, to the surviving spouse, if any, and to those persons notified pursuant to subsection (7) of this section. (11) For corporate trust indentures, to the issuer of the securities subject to each indenture; provided, however, that notwithstanding the foregoing, the transferor may, if it deems it appropriate, comply with any notice procedures contained in the trust indenture instrument with respect to succession of trustees. (12) For fiduciary accounts not listed in above subsections (1) through (11), to such persons as the transferor sent its last report of the status of the account. (b) For purposes of this article, notice shall be deemed effective when mailed by the transferor. Should the transferor learn after the expiration of 30 days from such transfer that through inadvertence, error, neglect or otherwise, notice was not mailed as herein provided, delayed notice may be given in the manner set forth herein. The recipient of such notice shall then have 30 days to object to the transfer as provided in Section 5-11A-33. (Acts 1989, No. 89-539, p. 1127, §3.)
AL Code § 5-11A-33 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent.

Section 5-11A-33Objection to transfer; hearing on objection; appointment of related institution as agent. (a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 days of receipt of notice of the transfer by the person notified pursuant to Section 5-11A-32. The transferor shall then have 30 days to either: (1) Abandon the transfer of fiduciary accounts to which objection was given and hold such transfer for nought, or (2) Apply to the State Banking Department for a hearing on the merits of the objection to transfer. After such hearing, the State Banking Department shall either approve or deny the transfer. (b) Nothing herein shall preclude the transferor from appointing a related bank, trust company or trust department as its agent for the performance of any and all fiduciary obligations as provided in Section 5-11A-37. (Acts 1989, No. 89-539, p. 1127, §4.)
AL Code § 5-11A-34 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonment.

Section 5-11A-34Filing of affidavit in office of judge of probate; filing of notice of abandonment. (a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32 and 5-11A-33, the transferor shall file an affidavit in the office of the judge of probate of the county in which the main office of the transferor is located; and from time to time, the transferor may file a copy of such affidavit in the office of the judge of probate in such other counties as the transferor may deem appropriate. Such affidavit shall set forth the names and addresses of the transferor and transferee, such identification of the fiduciary accounts transferred as the transferor may deem appropriate, and such other information as the transferor may deem desirable. (b) In the event that notice of objection to the transfer is received by the transferor after the filing of record of the original affidavit with respect to the transfer; and in the event that pursuant to Section 5-11A-33, such transfer is abandoned, the transferor shall promptly file notice of such abandonment in the office of the appropriate judge of probate. (Acts 1989, No. 89-539, p. 1127, §5.)