Establishes the Rhode Island Special Deposits Act to govern special deposits under an account agreement between the bank and the depositor or.

The Rhode Island Special Deposits Act establishes rules for special deposits governed by an account agreement between the bank and the depositor or beneficiary. The act outlines the obligations and duties of banks regarding special deposits, including when creditor processes are enforceable, when banks can exercise recoupment or set off, and the bank's liability for noncompliance. The act also specifies that neither depositors nor beneficiaries have a property interest in a special deposit and that the bank does not have a fiduciary duty to any person with respect to a special deposit.

Establishes the Rhode Island Special Deposits Act to govern special deposits under an account agreement between the bank and the depositor or.

The Rhode Island Special Deposits Act establishes rules for special deposits governed by an account agreement between the bank and the depositor or beneficiary. The act outlines the obligations and duties of banks regarding special deposits, including when creditor processes are enforceable, when banks can exercise recoupment or set off, and the bank's liability for noncompliance. The act also specifies that neither depositors nor beneficiaries have a property interest in a special deposit and that the bank does not have a fiduciary duty to any person with respect to a special deposit.