Delaware Code Title 5 Sec. 3405 – Trust funds; how kept and deposited
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All trust funds mentioned in this chapter shall be deposited in the name of the trustee, as trustee, within 30 days after receipt thereof, with an insured institution and shall be held together with the interest, dividends or accretions thereon in trust subject to this chapter. The trustee at the time of making deposit or investment shall furnish to the insured institution the name of each payor and the amount of payment on each account for which the deposit or investment is being made.
24 Del. C. 1953, § ?3123; 58 Del. Laws, c. 415, § ?2; 63 Del. Laws, c. 145, § ?1; 68 Del. Laws, c. 389, § ?5; 69 Del. Laws, c. 165, § ?14; 71 Del. Laws, c. 19, §§ ?10, 16;
Terms Used In Delaware Code Title 5 Sec. 3405
- Insured institution: means an insured depository institution (as defined in the Federal Deposit Insurance Act at 12 U. See Delaware Code Title 5 Sec. 3401
- Trustee: A person or institution holding and administering property in trust.