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 or credit union cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank or credit union shall pay the balance to the depositor as a beneficiary.

3. A bank or credit union that pays the remaining balance as provided under subsection 2 has no further obligation with respect to the special deposit.