The proposed bill would update current statutes by introducing the "Uniform Special Deposits Act," which establishes new definitions and requirements for special deposits held by banks. It defines key terms such as "special deposit," outlines the conditions for qualifying as such, and clarifies that depositors or beneficiaries do not have a property interest in the deposit itself but rather a right to receive payment. The bill also details the obligations of banks regarding these deposits, including provisions for termination and payment of remaining balances when beneficiaries cannot be identified.

Furthermore, the bill expands the applicability of the Act to include special deposits under account agreements executed both before and after the general effective date, provided all parties agree to amend the agreement. It allows for the selection of an Arizona forum for dispute resolution, mandates courts to promote uniformity in law, and clarifies that the Act does not affect rights related to non-special deposits or fraudulent transfers. The legislation aims to modernize the legal framework governing special deposits, enhancing protections and responsibilities for banks and depositors while ensuring comprehensive applicability across various scenarios.