Bill > HB1502

This bill establishes the Uniform Special Deposits Act, which creates a comprehensive legal framework for managing special bank and credit union deposits that are held for a specific, contingent purpose on behalf of beneficiaries. The act defines key terms like "special deposit" and establishes requirements for such deposits, including that they must serve a permissible purpose (such as escrow, security deposits, or benefit distributions), involve at least two beneficiaries, and be subject to a specific contingency. The legislation clarifies that neither depositors nor beneficiaries have a direct property interest in the special deposit, and it provides detailed rules about how banks must handle these deposits, including when and how they are obligated to pay beneficiaries. The act also limits a bank's liability, specifies when creditor processes can be enforced against the deposit, and sets a default termination period of five years unless otherwise specified in the account agreement. Importantly, the bill aims to provide uniformity in how special deposits are managed, allowing supplemental principles of law and equity to apply where the act does not provide specific guidance, and it is designed to be applied consistently across jurisdictions that adopt similar legislation.

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https://gc.nh.gov/bill_Status/billinfo.aspx?id=1694&inflect=2