West Virginia Code § 31A-9-6

Permissible purpose
Open in Lexace · Ask the AI about this section
(a) 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.
(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, the provisions of §31A-9-8 through
§31A-9-11 of this code 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.

‹ Prev All West Virginia sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.