Colorado § 11-111-106 Permissible purpose

Colorado Statutes

§ 11-111-106 — Permissible purpose

Colorado·Title 11 Financial·Art. Uniform Special Deposits Act

(1)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.

(2)If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (1) of this section, sections 11-111-108 to 11-111-111 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (1) of this section.

(3)If, before termination of a special deposit, the bank determines the special deposit no longer satisfies subsection (1) of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special depos

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(1) 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.

(2) If, before termination of the special deposit, the bank or a court
determines the special deposit no longer satisfies subsection (1) of this section,
sections 11-111-108 to 11-111-111 cease to apply to any funds deposited in the special
deposit after the special deposit ceases to satisfy subsection (1) of this section.

(3) If, before termination of a special deposit, the bank determines the
special deposit no longer satisfies subsection (1) of this section, the bank may take
action it believes is necessary under the circumstances, including terminating the
special deposit.

Colorado § 11-111-106 (Permissible purpose) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.