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Can you summarize 5 DECO 916?
General Provisions > Preference of funds held on deposit.
Short Summary
This section of the Delaware Code governs the business of banks and trust companies. Specifically, it pertains to the preference of funds held on deposit by banks and trust companies when acting as executor, administrator, guardian, trustee, or in any other fiduciary capacity for an estate. According to this section, the liability of the bank or trust company to the estate entitled to the funds is considered a preferred claim superior to all unsecured claims of other creditors, including depositors of the institution. However, this preference does not subordinate the security of any secured creditor of the bank or trust company. The section does not mention any specific exemptions or penalties.
Whom does it apply to?
Banks and trust companies
What does it govern?
Business of banks and trust companies
What are exemptions?
None mentioned
What are the Penalties?
No penalties mentioned
Jurisdiction
Delaware