Requirements for special deposit

A deposit is a special deposit if all of the following apply: (1) The deposit is a deposit of funds in a bank under an account agreement. (2) The deposit is for the benefit of at least two beneficiaries, one or more of which may be a depositor. (3) The deposit is denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government. (4) The deposit is for a permissible purpose stated in the account agreement. (5) The deposit is subject to a contingency. (2025-25, s. 158.)