Alabama § 5-1A-9 Deposit Creates Debtor-Creditor Relationship; Agreement as to Person or Purpose for Which Deposit Made and Payable

Alabama Statutes

§ 5-1A-9 — Deposit Creates Debtor-Creditor Relationship; Agreement as to Person or Purpose for Which Deposit Made and Payable

Alabama·Title 5 Banks and Financial Institutions·Ch. 1A General Provisions

A deposit to a bank or other financial institution permitted by law to take deposits from the general public (“depository institution”) creates the relationship of debtor and creditor between the depositor and the depository institution. All such deposits are general deposits unless there is a written agreement between the depositor and the depository institution which provides therein that the deposit is to be paid only to a particular identified or identifiable person or that the deposit is made and payable only for a specific and particular purpose. This section shall not affect accounts labeled “escrow” or “trust.”

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A deposit to a bank or other financial institution permitted by law to take deposits from the general public (“depository institution”) creates the relationship of debtor and creditor between the depositor and the depository institution. All such deposits are general deposits unless there is a written agreement between the depositor and the depository institution which provides therein that the deposit is to be paid only to a particular identified or identifiable person or that the deposit is made and payable only for a specific and particular purpose. This section shall not affect accounts labeled “escrow” or “trust.”

Alabama § 5-1A-9 (Deposit Creates Debtor-Creditor Relationship; Agreement as to Person or Purpose for Which Deposit Made and Payable) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.