District of Columbia § 28-2962 Term and termination.

District of Columbia Statutes

§ 28-2962 — Term and termination.

District of Columbia § 28-2962

Title 28Commercial Instruments and Transactions. [Enacted title]

Ch. 29AUniform Special Deposits.

This text of District of Columbia § 28-2962 (Term and termination.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 28-2962 (2026).

Text

(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.