West Virginia § 31A-9-13 Term and termination

West Virginia Statutes

§ 31A-9-13 — Term and termination

West Virginia·Ch. 31A BANKS AND BANKING·Art. 9 THE UNIFORM SPECIAL DEPOSITS ACT

(a)Unless otherwise provided in the account agreement, a special deposit terminates five 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 five 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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