Chapter 54D

This Chapter may be cited as the Uniform Special Deposits Act. (2025-25, s. 158.)

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 deposit. (2025-25, s. 158.)

(a) Except as provided in subsection (b) or (c) of this section, a bank shall 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 in any of the following circumstances: (1) When the …

(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 beneficiary. (c) The bank holding a special de…

(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 whe…

Chapter 25 ("Uniform Commercial Code") of the General Statutes, G.S. 1A-1, Rule 22 ("Interpleader"), 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 …

In applying and construing this Chapter, a court shall consider the promotion of uniformity of the law among jurisdictions that enact the Uniform Special Deposits Act. (2025-25, s. 158.)

In this Chapter, the following definitions apply: (1) Account agreement. - An agreement to which all of the following apply: a. The agreement is in a record between a bank and one or more depositors. b. The agreement may have one or more beneficiaries as additional parties. c. Th…

(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 related to the special deposit, or th…

(a) The effect of G.S. 54D-2 through G.S. 54D-6, G.S. 54D-8 through G.S. 54D-11, and G.S. 54D-14 shall not be varied by agreement, except as provided in those sections. Subject to subsection (b) of this section, the effect of G.S. 54D-7, 54D-12, and 54D-13 may be varied by agreem…

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…

(a) A special deposit must serve at least one 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…

(a) Unless the account agreement provides otherwise, the bank shall discharge its obligation to a beneficiary when it is obligated to pay the beneficiary and there are sufficient actually and finally collected funds in the balance of the special deposit. (b) Except as provided in…

(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 beneficiary and not in the special deposit itself. Any pro…

(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 a special deposit with respect to an amount the bank is …