Requirements for Special Deposit

A deposit shall qualify as a special deposit if it is: I. A deposit of funds in a bank under an account agreement; II. For the benefit of at least 2 beneficiaries, one or more of which may be a depositor; III. Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government; IV. For a permissible purpose stated in the account agreement; and V. Subject to a contingency.