Delaware § 5106 - Permissible purpose.
Full text of Delaware Delaware Code § 5106 — Permissible purpose., with citation guidance and answers to common questions.
§ 5106. Permissible purpose.
(a) A special deposit must serve at least 1 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.
(b) If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (a) of this section, §§ 5108 through 5111 of this title cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (a) of this section.
(c) If, before termination of a special deposit, the bank determines the special deposit no longer satisfies subsection (a) of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special deposit.
84 Del. Laws, c. 465, § 1;Frequently Asked Questions About Delaware § 5106
What does Delaware Code § 5106 cover?
Section 5106 ("Permissible purpose.") is part of the Delaware Code, the codified statutory law of Delaware. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Delaware § 5106?
A common citation format is "Delaware Code § 5106" (Delaware). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Delaware law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Delaware official source linked on this page or consult a licensed Delaware attorney.
How does Delaware § 5106 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Delaware can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Delaware.