Section 3-517 - Ownership of assets; records.
§ 3-517. Ownership of assets; records.
(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.
[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.]