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