Title 30A — Title 30A WASHINGTON COMMERCIAL BANK ACT
18 chapters · 298 sections in this title.
RCW 30A.26.005 Short title—2024 c 23.
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Chapter 23, Laws of 2024 may be known and cited as the uniform special deposits act.[ 2024 c 23 s 1.]
RCW 30A.26.010 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Account agreement" means an agreement that:(a) Is in a record between a bank and one or more depositors;(b) May have one or more beneficiaries as additional parties; a…
RCW 30A.26.020 Scope, choice of law, and forum.
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(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 th…
RCW 30A.26.030 Variation by agreement or amendment.
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(1) The effect of RCW 30A.26.010 through 30A.26.050, 30A.26.070 through 30A.26.100, and 30A.26.130 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect of RCW 30A.26.060, 30A.26.110, and 30A.26.120 may be vari…
RCW 30A.26.040 Requirements for special deposit.
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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 dome…
RCW 30A.26.050 Permissible purpose.
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(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 …
RCW 30A.26.060 Payment to beneficiary by bank.
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(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 b…
RCW 30A.26.070 Property interest of depositor or beneficiary.
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(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 prop…
RCW 30A.26.080 When creditor process enforceable against bank.
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(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 o…
RCW 30A.26.090 Injunction or similar relief.
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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.]
RCW 30A.26.100 Recoupment or set off.
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(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 beneficiar…
RCW 30A.26.110 Duties and liability of bank.
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(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 depo…
RCW 30A.26.120 Term and termination.
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(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 when…
RCW 30A.26.130 Principles of law and equity.
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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…
RCW 30A.26.140 Uniformity and application and construction.
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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.]
RCW 30A.26.150 Transitional provision.
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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 a s…
RCW 30A.26.900 Effective date—2024 c 23.
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This act takes effect July 1, 2024.[ 2024 c 23 s 18.]