§ 5105. Requirements for special deposit.
74 words·~1 min read·
/de/title-5/chapter-51-uniform-special-deposits-act/5105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A deposit is a special deposit if it is:
(1)A deposit of funds in a bank under an account agreement;
(2)For the benefit of at least 2 beneficiaries, 1 or more of which may be a depositor;
(3)Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;
(4)For a permissible purpose stated in the account agreement; and
(5)Subject to a contingency.