The proposed bill would update current statutes by introducing the "Uniform Special Deposits Act," which includes new definitions and requirements for special deposits held by banks. It would insert provisions that define "special deposit" and outline the necessary conditions for such deposits, including the requirement for an account agreement that designates beneficiaries and specifies permissible purposes. The bill clarifies the rights and obligations of banks regarding these deposits, including limitations on property interests for depositors and beneficiaries, and the circumstances under which banks can amend account agreements without beneficiary consent.

Additionally, the bill would delete outdated language related to special deposits and replace it with modernized terms that reflect current banking practices, including stipulations on the termination of special deposits and the handling of creditor processes. It expands the applicability of the Act to include special deposits under agreements executed before the effective date, provided all parties agree to amend the agreement. The legislation also allows for an Arizona forum for dispute resolution, promotes uniformity in law among jurisdictions, and clarifies that it does not affect rights related to non-special deposits or fraudulent transfers. Overall, the bill aims to enhance clarity and stability in the legal framework governing special deposits in Arizona.