55-4-7. Creation of trust--Bank account to pay special debts.
94 words·~1 min read·
/sd/title-55/chapter-55-4/55-4-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the depositor at the time of opening such account does not expressly otherwise declare, the depositor shall be deemed a trustee of such account for the creditors to be paid therefrom, subject to such power of revocation as the depositor may have reserved by agreement with the bank.