Title 30A, WASHINGTON COMMERCIAL BANK ACT

A deposit is a special deposit if it is: (1) A deposit of funds in a bank 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 adopted by a d…

(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 a court…

(1) Unless the account agreement provides otherwise, the bank 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) of this section, the obligation to pay the …

(1) Neither a depositor nor a beneficiary has a property interest in a special deposit. (2) 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…

(1) Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (2) Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is …

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. [ 2024 c 23 s 10.]

(1) Except as provided in subsection (2) or (3) of this section, a bank may not exercise a right of recoupment or set off against a special deposit. (2) An account agreement may authorize the bank to debit the special deposit: (a) When the bank becomes obligated to pay a benefici…

(1) A bank does not have a fiduciary duty to any person with respect to a special deposit. (2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary. (3) The bank holding a special de…

(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 cannot identify or locate a beneficiary entitled to payment whe…

Title 62A RCW, 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, dure…

In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it. [ 2024 c 23 s 15.]

This chapter applies to: (1) A special deposit made under an account agreement executed on or after July 1, 2024; and (2) A deposit made under an account agreement executed before July 1, 2024, if: (a) All parties entitled to amend the account agreement agree to make the deposit …

This act takes effect July 1, 2024. [ 2024 c 23 s 18.]