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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2A-7.htm - 28K - Match Info - Similar pages
19-3-120.2
Section 19-3-120.2 Standards for fiduciary investment and management. (a) When investing, reinvesting,
purchasing, acquiring, exchanging, selling and managing property for the benefit of another,
a trustee, executor, administrator, guardian, conservator or other fiduciary, other than a
trustee governed by Chapter 3B, shall act with the care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a like capacity and familiar
with such matters would use to attain the purposes of the account. In making investment decisions,
a fiduciary shall consider the role that the investment plays within the account's overall
portfolio of assets and may consider the general economic conditions, the anticipated tax
consequences of the investment, the anticipated duration of the account and the needs of the
beneficiaries of the account. (b) The propriety of an investment decision is to be determined
by what a fiduciary knew or should have known at the time...
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19-1-9
Section 19-1-9 Deposit in fiduciary's personal account. If a fiduciary makes a deposit in a
bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary,
or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the
name of his principal if he is empowered to draw checks thereon, or of checks payable to his
principal and indorsed by him, if he is empowered to indorse such checks, or if he otherwise
makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not
bound to inquire whether the fiduciary is committing thereby a breach of his obligation as
fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof
upon the personal check of the fiduciary without being liable to the principal unless the
bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing
a breach of his obligation as fiduciary in making such deposit or in...
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19-1-8
Section 19-1-8 Deposit in name of principal. If a check is drawn upon the account of his principal
in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the
bank is authorized to pay such check without being liable to the principal, unless the bank
pays the check with actual knowledge that the fiduciary is committing a breach of his obligation
as fiduciary in drawing such check, or with knowledge of such facts that its action in paying
the check amounts to bad faith. If, however, such a check is payable to the drawee bank and
is delivered to it in payment of or as security for a personal debt of the fiduciary to it,
the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation
as fiduciary in drawing or delivering the check. (Acts 1943, No. 557, p. 544, §8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-1-8.htm - 1K - Match Info - Similar pages
40-29-23.1
Section 40-29-23.1 Development and operation of financial institution data match program. (a)
For purposes of this section the following terms shall have the following meanings: (1) ACCOUNT.
A demand deposit account, checking account, negotiable withdrawal order account, savings account,
time deposit account, or money-market mutual fund account. (2) ACCOUNT HOLDER. A person or
persons authorized to perform transactions on behalf of an account. (3) DELINQUENT TAXPAYER.
A taxpayer with an outstanding tax liability for which a final assessment has been entered
that is no longer subject to appeal under the Alabama Taxpayer's Bill of Rights, so that the
assessment is final, due, and owing, and for whom both of the following conditions are true:
a. The tax liability remains unpaid after 10 days from the issuance of a final notice before
seizure by the department. b. The person is not making current timely installment payments
on the tax liability under agreement with the department. (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-23.1.htm - 5K - Match Info - Similar pages
19-4A-5
Section 19-4A-5 Investment in timely manner; no obligation to invest funds less than $1,000.
In the absence of specific instructions in the governing document, the fiduciary shall invest
idle funds in each fiduciary account in a timely manner consistent with the technology employed
by the fiduciary but not to exceed 10 business days after the receipt of collected funds;
provided, however, that there shall be no obligation or requirement to invest idle funds in
an amount less than $1,000.00 per each fiduciary account. (Acts 1991, No. 91-129, p. 163,
§1(e).)...
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5-12A-8
Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest. The
trust institution shall designate clearly upon its records the names of the fiduciary accounts
which own a participation in the common trust fund and the extent of the interest of such
fiduciary accounts therein. No fiduciary account owning or holding an investment or participation
in a common trust fund shall be deemed to have individual ownership of any asset in such common
trust fund, but should be deemed to have only a proportionate undivided interest in the common
trust fund. (Acts 1980, No. 80-658, §5-12-8.)...
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11-81-19
Section 11-81-19 Investment of sinking funds generally; reports as to investment or deposit
of sinking funds; contracts for purchase of savings certificates. All sinking funds provided
for the retirement of bonds shall be invested in bonds of such subdivision or in bonds of
the United States or in bonds of the State of Alabama or in bonds of any county in the State
of Alabama or any municipal corporation of the State of Alabama, or deposited in a bank on
interest; provided, however, that the proceedings authorizing any funding or refunding bonds
may prohibit the investment of the sinking fund for such bonds and require that such sinking
fund shall be used exclusively in the purchase for retirement or in the redemption of such
funding or refunding bonds. All sinking funds created by resolutions or ordinance heretofore
adopted must be properly set aside each year in accordance with the resolution or ordinance
providing for the same and a report made thereof and filed with the clerk of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-19.htm - 1K - Match Info - Similar pages
19-1-10
Section 19-1-10 Deposit in names of two or more fiduciaries. When a deposit is made in a bank
in the name of two or more persons as fiduciaries and a check is drawn upon the trust account
by any fiduciary or fiduciaries authorized by the other fiduciary or fiduciaries to draw checks
upon the trust account, neither the payee nor other holder nor the bank is bound to inquire
whether it is a breach of trust to authorize such fiduciary or fiduciaries to draw checks
upon the trust account, and is not liable unless the circumstances be such that the action
of the payee or other holder or the bank amounts to bad faith. (Acts 1943, No. 557, p. 544,
§10.)...
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19-4-21
Section 19-4-21 Holding in bulk of securities constituting assets of different fiduciary accounts
authorized; registration of securities; maintenance of records as to fiduciary accounts; rules
and regulations governing banks; certification of securities held for fiduciary accounts.
(a) Notwithstanding any other provision of law to the contrary, any bank holding securities
as a fiduciary, as a cofiduciary or as a custodian or agent for another fiduciary or fiduciaries
is authorized, in the absence of specific provision to the contrary in the governing instrument
or court order under which the bank is acting, to hold such securities in a manner such that,
without certification as to ownership attached, certificates representing securities of the
same class of the same issuer and from time to time constituting assets of different fiduciary
accounts are held in bulk, including, to the extent feasible, the merging of certificates
of smaller denominations into one or more certificates of...
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