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  • SECTION 680-K
    Duties and liability of bank
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  • ARTICLE 13-F
    Uniform Special Deposits Act
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  • SECTION 680-M
    Principles of law and equity
    • This entry was published on 2025-12-12
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    SECTION 680-L

    Term and termination

    Banking (BNK) CHAPTER 2, ARTICLE 13-F

    * § 680-l. Term and termination. 1. Unless otherwise provided in the
    account agreement, a special deposit terminates five years after the
    date the special deposit was first funded.

    2. 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.

    3. A bank that pays the remaining balance as provided under
    subdivision two of this section has no further obligation with respect
    to the special deposit.

    * NB Effective January 1, 2026