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 (2) beneficiaries, one or more of whom 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.
Laws 2024, SB 1819, c. 174, § 5, eff. November 1, 2024.