Delaware § 5106 Permissible purpose

Delaware Statutes

§ 5106 — Permissible purpose

Delaware § 5106

Title5

PartMiscellaneous Provisions

Ch. 51Uniform Special Deposits Act

This text of Delaware § 5106 (Permissible purpose) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 5, § 5106 (2026).

Text

(a)A special deposit must serve at least 1 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, §§ 5108 through 5111 of this title 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 1 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, §§ 5108 through 5111 of this title 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.