The proposed bill seeks to modernize Arizona's statutes by introducing the "Uniform Special Deposits Act," which will establish new definitions and requirements for special deposits held by banks. Key updates include the definition of a "special deposit," the conditions for qualifying as such, and the clarification that depositors or beneficiaries hold a right to payment rather than a property interest in the deposit itself. The bill also outlines the obligations of banks regarding these deposits, including the ability to amend account agreements without beneficiary consent under certain conditions, and specifies permissible purposes for which special deposits can be held.

Additionally, the bill expands the applicability of the Act to include special deposits under account agreements that explicitly state their intention to establish such deposits, even if executed before the effective date, provided all parties agree to amend the agreement. It allows for the selection of an Arizona forum for dispute resolution and emphasizes the need for uniformity in law across jurisdictions. The bill clarifies that it does not affect rights related to other types of deposits or the voidability of fraudulent transactions, while also including a severability statement and supplementary statutes to ensure a comprehensive legal framework for special deposits in Arizona.