District of Columbia § 28-2962 Term and termination.

District of Columbia Statutes

§ 28-2962 — Term and termination.

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

(a)Unless otherwise provided in the account agreement, a special deposit terminates 5 years after the date the special deposit was first funded.

(b)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.

(c)A bank that pays the remaining balance as provided under subsection (b) of this section has no further obligation with respect to the special deposit.

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(a) Unless otherwise provided in the account agreement, a special deposit terminates 5 years after the date the special deposit was first funded.

(b) 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.

(c) A bank that pays the remaining balance as provided under subsection (b) of this section has no further obligation with respect to the special deposit.

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