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Can you summarize 5 DECO 924?
General Provisions > Bank deposit accounts in trust form.
Short Summary
This legal document, governed by the Delaware Code, specifically the section on Regulations Governing Business of Banks and Trust Companies, provides definitions and regulations for bank deposit accounts in trust form. The document defines terms such as ‘beneficiary’ and ‘depositor’ and specifies the conditions for establishing and maintaining trust accounts. It states that there should be no more than one beneficiary per trust account, unless otherwise provided by the respective banking organization’s agreements, rules, or regulations. Similarly, there should be no more than two depositors per trust account, unless otherwise provided. The document outlines the circumstances under which a trust account can be revoked, terminated, or modified by a depositor during their lifetime, and the conditions under which the trust account cannot be modified by will or testamentary disposition. It also addresses the distribution of funds in the trust account based on the survival of the depositor or beneficiary. Additionally, the document covers the payment of funds to a beneficiary or their guardian upon the beneficiary’s order, and the liability of the banking organization in making such payments. Finally, it discusses the establishment of trust accounts with multiple depositors and the transfer of property upon the death of one or more depositors. Overall, this document provides the legal framework for bank deposit accounts in trust form in Delaware.
Whom does it apply to?
Depositors and beneficiaries of trust accounts in banking organizations
What does it govern?
Bank deposit accounts in trust form
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Delaware