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Code · North Carolina · Chapter 54D — Uniform Special Deposits Act

§ 54D-5. Requirements for special deposit.

100 words·~1 min read·/nc/chapter-54d/54d-5

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§ 54D-5. Requirements for special deposit.
A deposit is a special deposit if all of the following apply:
(1)The deposit is a deposit of funds in a bank under an account agreement.
(2)The deposit is for the benefit of at least two beneficiaries, one or more of which may be a depositor.
(3)The deposit is denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government.
(4)The deposit is for a permissible purpose stated in the account agreement.
(5)The deposit is subject to a contingency. (2025-25, s. 158.)
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