Colorado § 11-111-113 Term and termination

Colorado Statutes

§ 11-111-113 — Term and termination

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

(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 subsection (2) of this section has no further obligation with respect to the special deposit.

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(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 subsection (2)
of this section has no further obligation with respect to the special deposit.

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