The proposed bill seeks to modernize and clarify the legal framework governing special deposits in Arizona by introducing the "Uniform Special Deposits Act." It would add a new article to the Arizona Revised Statutes, defining key terms such as "account agreement," "bank," "beneficiary," and "special deposit." The bill outlines the conditions for a deposit to qualify as a special deposit, including the requirement for multiple beneficiaries and a permissible purpose as specified in the account agreement. It also clarifies that depositors and beneficiaries do not have a property interest in the special deposit itself but rather a right to receive payment, and it establishes the obligations of banks regarding these deposits.

Additionally, the bill allows for amendments to account agreements without beneficiary consent under certain conditions, expands the applicability of the Act to include special deposits under agreements executed before the effective date, and permits parties to choose an Arizona forum for dispute resolution. It addresses creditor processes, stating they are not enforceable against banks holding special deposits unless specific conditions are met, and emphasizes that the Act does not affect rights related to other types of deposits. Overall, the bill aims to ensure consistency with practices adopted in other states while promoting uniformity in the law across jurisdictions.