SB470: Uniform Special Deposits Act

Legislative Summary

The purpose of this bill is to enact the Uniform Special Deposits Act, which was recommended for passage by the state Uniform Law Commission; special deposits are deposits held by banks, which unlike regular deposits are held until some contingent event triggers the deposit, such as a court approving a settlement, or of a closing of a real estate transaction; and is intended to provide an optional uniform process for banks to use to regulate this activity. This bill was recommended for introduction by the Commission on Interstate Cooperation.