Colo. Rev. Stat. § 11-111-105 – Requirements for special deposit. | Midpage

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Colorado Revised Statutes (C.R.S.)

§ 11-111-105

Colo. Rev. Stat. § 11-111-105

Requirements for special deposit.

Effective Aug 7, 2024L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1225, § 1, effective August 7.

(1) A deposit is a special deposit if it is:
1. (a) A deposit of funds in a bank under an account agreement;
2. (b) For the benefit of at least two beneficiaries, one or more of which may be a depositor;
3. (c) Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;
4. (d) For a permissible purpose stated in the account agreement; and
5. (e) Subject to a contingency.

Source: L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1225, § 1, effective August 7.