Title 5 — Banking
30 chapters · 197 sections in this title.
5 Del. C. § 5101. Title.
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§ 5101. Title. This chapter may be cited as the “Uniform Special Deposits Act.”84 Del. Laws, c. 465, § 1;
5 Del. C. § 5102. Definitions.
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§ 5102. Definitions. In this chapter: (1) “Account agreement” means an agreement that: a. Is in a record between a bank and 1 or more depositors; b. May have 1 or more beneficiaries as additional parties; and c. States the intention of the parties to establish a special deposit g…
5 Del. C. § 5103. Scope; choice of law; forum.
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§ 5103. Scope; choice of law; forum. (a) This chapter applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this chapter, regardless of whether a party to the account agreement or a transaction …
5 Del. C. § 5104. Variation by agreement or amendment.
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§ 5104. Variation by agreement or amendment. (a) The effect of §§ 5102 through 5106, §§ 5108 through 5111, and § 5114 of this title may not be varied by agreement, except as provided in those sections. Subject to subsection (b) of this section, the effect of §§ 5107, 5112, and 51…
5 Del. C. § 5105. Requirements for special deposit.
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§ 5105. Requirements for special deposit. A deposit is a special deposit if it is: (1) A deposit of funds in a bank under an account agreement; (2) For the benefit of at least 2 beneficiaries, 1 or more of which may be a depositor; (3) Denominated in a medium of exchange that is …
5 Del. C. § 5106. Permissible purpose.
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§ 5106. Permissible purpose. (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 d…
5 Del. C. § 5107. Payment to beneficiary by bank.
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§ 5107. Payment to beneficiary by bank. (a) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (b) Except as provided in subsection (c) of …
5 Del. C. § 5108. Property interest of depositor or beneficiary.
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§ 5108. Property interest of depositor or beneficiary. (a) Neither a depositor nor a beneficiary has a property interest in a special deposit. (b) Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a ben…
5 Del. C. § 5109. When creditor process enforceable against bank.
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§ 5109. When creditor process enforceable against bank. (a) Subject to subsection (b) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (b) Creditor process is enforceable against the bank holding …
5 Del. C. § 5110. Injunction or similar relief.
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§ 5110. Injunction or similar relief. A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special depo…
5 Del. C. § 5111. Recoupment or set off.
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§ 5111. Recoupment or set off. (a) Except as provided in subsection (b) or (c) of this section, a bank may not exercise a right of recoupment or set off against a special deposit. (b) An account agreement may authorize the bank to debit the special deposit: (1) When the bank beco…
5 Del. C. § 5112. Duties and liability of bank.
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§ 5112. Duties and liability of bank. (a) A bank does not have a fiduciary duty to any person with respect to a special deposit. (b) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and benefici…
5 Del. C. § 5113. Term and termination.
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§ 5113. Term and termination. (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 benefici…
5 Del. C. § 5114. Principles of law and equity.
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§ 5114. Principles of law and equity. The Uniform Commercial Code (Subtitle I of Title 6), consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacit…
5 Del. C. § 5115. Uniformity of application and construction.
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§ 5115. Uniformity of application and construction. In applying and construing this chapter, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.84 Del. Laws, c. 465, § 1;
5 Del. C. § 5116. Transitional provision.
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§ 5116. Transitional provision. This chapter applies to: (1) A special deposit made under an account agreement executed on or after January 1, 2025; and (2) A deposit made under an agreement executed before January 1, 2025, if: a. All parties entitled to amend the agreement agree…