N.D. Cent. Code § 6-08.6-05
This is the official text of N.D. Cent. Code § 6-08.6-05, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-08.6-05. Permissible purpose
Official statutory text
6-08.6-05. Permissible purpose
1. A special deposit must serve at least one permissible purpose stated in the account
agreement from the time the special deposit is created in the account agreement until
termination of the special deposit.
2. If, before termination of the special deposit, the bank or credit union or a court
determines the special deposit no longer satisfies subsection 1, sections 6-08.6-07
through 6-08.6-10 cease to apply to any funds deposited in the special deposit after
the special deposit ceases to satisfy subsection 1.
3. If, before termination of a special deposit, the bank or credit union determines the
special deposit no longer satisfies subsection 1, the bank or credit union may take
action the bank or credit union believes is necessary under the circumstances,
including terminating the special deposit.
1. A special deposit must serve at least one permissible purpose stated in the account
agreement from the time the special deposit is created in the account agreement until
termination of the special deposit.
2. If, before termination of the special deposit, the bank or credit union or a court
determines the special deposit no longer satisfies subsection 1, sections 6-08.6-07
through 6-08.6-10 cease to apply to any funds deposited in the special deposit after
the special deposit ceases to satisfy subsection 1.
3. If, before termination of a special deposit, the bank or credit union determines the
special deposit no longer satisfies subsection 1, the bank or credit union may take
action the bank or credit union believes is necessary under the circumstances,
including terminating the special deposit.
Status: in_force · Read it on the official government site
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