(a) A financial institution does not have a fiduciary duty to any person with respect to a special deposit.

(b) When the financial institution holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the financial institution and beneficiary.

(c) The financial institution holding a special deposit has a duty to a beneficiary to comply with the account agreement and the Uniform Special Deposits Act.

(d) If the financial institution holding a special deposit does not comply with the account agreement or the act, the financial institution is liable to a depositor or beneficiary only for damages proximately caused by the noncompliance. Except as provided by other law of this state, the financial institution is not liable for consequential, special, or punitive damages.

(e) The financial institution holding a special deposit may rely on records presented in compliance with the account agreement to determine whether the financial institution is obligated to pay a beneficiary.

(f) If the account agreement requires payment on presentation of a record, the financial institution shall determine within a reasonable time whether the record is sufficient to require payment. If the agreement requires action by the financial institution on presentation of a record, the financial institution is not liable for relying in good faith on the genuineness of the record if the record appears on its face to be genuine.

(g) Unless the account agreement provides otherwise, the financial institution is not required to determine whether a permissible purpose stated in the agreement continues to exist.