HB1502

Establishes rules for special bank and credit union deposits governed by the Uniform Special Deposits Act.

The bill introduces the Uniform Special Deposits Act to govern special bank and credit union deposits. It defines terms such as "special deposit," "beneficiary," and "account agreement." The act applies to deposits made under an account agreement stating the intention to establish a special deposit. It outlines the bank's duties, the depositor's and beneficiary's rights, and the conditions under which a bank can discharge its obligations. The act also specifies that neither the depositor nor the beneficiary has a property interest in the special deposit.