HB4913: Relating to the 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.