§ 7-5.1 Definitions (a) A “beneficiary” is a person who is described by a depositor as a person for whom a trust account is established or maintained. (b) A “depositor” is a person in whose name a trust account subject to this part is established or maintained. (c) A “financial institution” is a bank, trust […]
§ 7-5.2 Terms of a trust account The funds in a trust account, which shall include any dividends or interest thereon, shall be trust funds subject to the following terms: (1) The trust can be revoked, terminated or modified by the depositor during his lifetime only by means of, and to the extent of, withdrawals […]
§ 7-5.3 Payment to beneficiary (a) If the beneficiary survives the depositor under the circumstances provided in paragraph four of section 7-5.2, the funds shall be paid to the beneficiary upon his order, if, at the time of his demand for payment of all or part of the funds, he is eighteen or more years […]
§ 7-5.4 Effect of payment A financial institution which, upon the death of a depositor and prior to service upon it of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payment, makes payment to a beneficiary or if the beneficiary is under eighteen years of age, to the […]
§ 7-5.5 Rights not affected This part does not affect: (1) The rights of creditors of the depositor or his estate, (2) The rights of fiduciaries of the estate of the depositor, or (3) The rights of the surviving spouse of the depositor.
§ 7-5.6 Joint depositors If a trust account is established in the names of more than one depositor, in form to be paid or delivered to any, or the survivor of them, in trust for another, such account shall be subject to the terms of this part, except that the title to the funds on […]
§ 7-5.7 Multiple beneficiaries (a) Whenever any proceeds of a trust account would pass pursuant to section 7-5.2 to two or more beneficiaries, such proceeds shall pass to such beneficiaries in equal proportions, unless the terms of the trust provide otherwise. (b) Whenever any proceeds of a trust account would pass pursuant to section 7-5.2 […]
§ 7-5.8 Application This part shall apply to all funds in trust accounts, as defined in paragraph (d) of section 7-5.1, which are in existence on its effective date, except that its provisions shall not impair or defeat any rights which have accrued prior to such date.
