§ 6-881 – Definitions

6-881. Definitions In this article, unless the context otherwise requires: 1. " Savings account" means monies received or held by the trust company in the usual course of business and for which the trust company is obligated to give conditional or unconditional credit. 2. " Time deposit" means a deposit that the depositor does not […]

§ 6-882 – Savings accounts and time deposits; insurance; withdrawal; notice

6-882. Savings accounts and time deposits; insurance; withdrawal; notice A. If authorized by the articles of incorporation and bylaws and if approved by the deputy director, a trust company may receive monies for the purpose of maintaining savings accounts and time deposits. The trust company may pay interest on the savings accounts and time deposits […]