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 applies to deposits made under an agreement executed after its effective date, provided all parties agree to make the deposit a special deposit governed by this chapter. Special deposits terminate five years after funding unless otherwise specified in the account agreement. If the bank cannot locate a beneficiary when the deposit terminates, the remaining balance is paid to the depositor.

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 applies to deposits made under an agreement executed after its effective date, provided all parties agree to make the deposit a special deposit governed by this chapter. Special deposits terminate five years after funding unless otherwise specified in the account agreement. If the bank cannot locate a beneficiary when the deposit terminates, the remaining balance is paid to the depositor.