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. Special deposits serve permissible purposes stated in the agreement, such as holding funds in escrow or providing assurance for contractual obligations. The act outlines the duties and liabilities of banks, including the obligation to pay beneficiaries and the right to recoupment or set off under certain conditions. It also specifies that neither depositors nor beneficiaries have a property interest in special deposits.

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. Special deposits serve permissible purposes stated in the agreement, such as holding funds in escrow or providing assurance for contractual obligations. The act outlines the duties and liabilities of banks, including the obligation to pay beneficiaries and the right to recoupment or set off under certain conditions. It also specifies that neither depositors nor beneficiaries have a property interest in special deposits.