§ 5113. Term and termination.
99 words·~1 min read·
/de/title-5/chapter-51-uniform-special-deposits-act/5113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Unless otherwise provided in the account agreement, a special deposit terminates 5 years after the date the special deposit was first funded.
(b)Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(c)A bank that pays the remaining balance as provided under subsection
(b)of this section has no further obligation with respect to the special deposit.