Title 6 — Banks and Banking

In this chapter: 1. "Account agreement" means an agreement that: a. Is in a record between a bank or credit union and one or more depositors; b. May have one or more beneficiaries as additional parties; and c. States the intention of the parties to establish a special deposit in …

1. 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 the…

1. The effect of sections 6-08.6-01 through 6-08.6-05, 6-08.6-07 through 6-08.6-10, and 6-08.6-13 may not be varied by agreement, except as provided in those sections. Subject to subsection 2, the effect of sections 6-08.6-06, 6-08.6-11, and 6-08.6-12 may be varied by agreement. …

A deposit is a special deposit if it is: 1. A deposit of funds in a bank or credit union under an account agreement; 2. For the benefit of at least two beneficiaries, one or more of which may be a depositor; 3. Denominated in a medium of exchange that is currently authorized or a…

1. 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. 2. If, before termination of the special deposit, the bank or credit un…

1. Unless the account agreement provides otherwise, the bank or credit union is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. 2. Except as provided in subsection 3, the obligation to pay the bene…

1. A depositor or a beneficiary does not have a property interest in the special deposit itself. 2. The only property interest with respect to a special deposit is the right to receive payment if the bank or credit union is obligated to pay a beneficiary. Any property interest un…

1. Subject to subsection 2, creditor process with respect to a special deposit is not enforceable against the bank or credit union holding the special deposit. 2. Creditor process is enforceable against the bank or credit union holding a special deposit with respect to an amount …

A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank or credit union 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.

1. Except as provided in subsection 2 or 3, a bank or credit union may not exercise a right of recoupment or set off against a special deposit. 2. An account agreement may allow the bank or credit union to debit the special deposit: a. When the bank or credit union becomes obliga…

1. A bank or credit union does not have a fiduciary duty to any person with respect to a special deposit. 2. When the bank or credit union holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank or credit union and …

1. Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. 2. Unless otherwise provided in the account agreement, if the bank or credit union cannot identify or locate a beneficiary entitled …

Title 41, 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 capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, c…

In applying and construing this chapter, a court shall consider the promotion of uniformity of the law among the states that enact it.