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Code · Nebraska · Chapter 8 — Banks and Banking

8-3206. Permissible purpose.

119 words·~1 min read·/ne/chapter-8/8-3206

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.
(b)If, before termination of the special deposit, the financial institution or a court determines the special deposit no longer satisfies subsection (a), sections 8-3208 to 8-3211 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (a).
(c)If, before termination of a special deposit, the financial institution determines the special deposit no longer satisfies subsection (a), the financial institution may take action it believes is necessary under the circumstances, including terminating the special deposit.
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