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.Added by 2024 c 23,§ 5, eff. 7/1/2024.