Delaware § 5113 - Term and termination.
Full text of Delaware Delaware Code § 5113 — Term and termination., with citation guidance and answers to common questions.
§ 5113. Term and termination.
(a) Unless otherwise provided in the account agreement, a special deposit terminates 5 years after the date the special deposit was first funded.
(b) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(c) A bank that pays the remaining balance as provided under subsection (b) of this section has no further obligation with respect to the special deposit.
84 Del. Laws, c. 465, § 1;Frequently Asked Questions About Delaware § 5113
What does Delaware Code § 5113 cover?
Section 5113 ("Term and termination.") 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 § 5113?
A common citation format is "Delaware Code § 5113" (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 § 5113 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.