Section 13.36.125. Creation of trust bank account to pay special debts.

Latest version.

Whenever a bank account is, by entries made on the books of the depositor and the bank at the time of the deposit, created exclusively for the purpose of paying dividends, interest, interest coupons, salaries, wages, or pensions or other employee benefits, and the depositor at the time of opening the account does not expressly declare otherwise, the depositor is considered a trustee of the account for the creditors to be paid from the account, subject to any power of revocation that the depositor may have reserved by agreement with the bank.

Authorities

13.36.130

Notes

References

AS 13.36.130 Failure of beneficiary to present claim for payment.

History

(Sec. 12 ch 105 SLA 1998)

                    
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