District of Columbia § 28-2955 Permissible purpose.

District of Columbia Statutes

§ 28-2955 — Permissible purpose.

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

(a)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.

(b)If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (a) of this section, §§ 28-2957 through 28-2960 shall cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (a) of this section.

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

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(a) 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.

(b) If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (a) of this section, §§ 28-2957 through 28-2960 shall cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (a) of this section.

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

District of Columbia § 28-2955 (Permissible purpose.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.