Legislation
SECTION 680-D
Requirements for special deposit
Banking (BNK) CHAPTER 2, ARTICLE 13-F
§ 680-d. Requirements for special deposit. A deposit is a special
deposit if it is:
1. a deposit of funds in a bank under an account agreement;
2. for the benefit of at least two beneficiaries, one or more of which
may be a depositor;
3. denominated in a medium of exchange that is currently authorized or
adopted by a domestic or foreign government;
4. for a permissible purpose stated in the account agreement; and
5. subject to a contingency.
deposit if it is:
1. a deposit of funds in a bank under an account agreement;
2. for the benefit of at least two beneficiaries, one or more of which
may be a depositor;
3. denominated in a medium of exchange that is currently authorized or
adopted by a domestic or foreign government;
4. for a permissible purpose stated in the account agreement; and
5. subject to a contingency.