§ 28-2954 — Requirements for special deposit.

District of Columbia § 28-2954

• Jurisdiction: District of Columbia
• Title 28: Commercial Instruments and Transactions. [Enacted title]
• Ch. 29A: Uniform Special Deposits.

Text

(a) 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 2 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.