§ 3-517. Ownership of assets; records

Latest version.

   (a) Legal title and ownership. -- The ownership of and title to the individual assets in a common trust fund are solely in the trust company, as trustee of the fund.

(b) Records of beneficial interest. -- A trust company shall show clearly on its records:

   (1) The name of each fiduciary account on behalf of which the trust company holds a participation in a common trust fund; and

   (2) The extent of the interest held for that fiduciary account.

HISTORY: An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.

                    
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