Enacts the uniform special deposits act in New York to standardize special deposits across jurisdictions.

The bill enacts the uniform special deposits act in New York, aiming to standardize the handling of special deposits across jurisdictions. It defines terms such as "account agreement," "bank," and "special deposit," and outlines the permissible purposes for special deposits, including holding funds in escrow or as security deposits. The act specifies conditions under which creditor process can be enforced against a bank holding a special deposit and allows for the variation of certain provisions by agreement.

Enacts the uniform special deposits act in New York to standardize special deposits across jurisdictions.

The bill enacts the uniform special deposits act in New York, aiming to standardize the handling of special deposits across jurisdictions. It defines terms such as "account agreement," "bank," and "special deposit," and outlines the permissible purposes for special deposits, including holding funds in escrow or as security deposits. The act specifies conditions under which creditor process can be enforced against a bank holding a special deposit and allows for the variation of certain provisions by agreement.