Termination of special deposit

A. Unless otherwise provided in the account agreement, a special deposit terminates five (5) 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 when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries. C. A bank that pays the remaining balance as provided under subsection B of this section has no further obligation with respect to the special deposit. Added by Laws 2024, c. 174, § 13, eff. Nov. 1, 2024.