Title 6, Banks and Banking

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.