§ 54D-13. Term and termination.
107 words·~1 min read·
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§ 54D-13. Term and termination.
(a)Unless otherwise provided in the account agreement, a special deposit terminates five 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. (2025-25, s. 158.)