The proposed bill seeks to incorporate the Uniform Special Deposits Act into Minnesota law by adding new sections to chapter 47 of the Minnesota Statutes. It establishes a comprehensive framework for special deposits, defining essential terms such as "account agreement," "bank," "beneficiary," and "special deposit." The bill stipulates that a deposit must benefit at least two beneficiaries and serve a permissible purpose to qualify as a special deposit. It outlines the responsibilities of banks regarding payments to beneficiaries, the rights of depositors and beneficiaries, and the enforceability of creditor processes against banks holding these deposits. Importantly, it clarifies that depositors and beneficiaries do not have a property interest in the special deposit itself but rather in the right to receive payment.

Furthermore, the bill emphasizes the importance of uniformity in the application and interpretation of the act across jurisdictions, mandating courts to consider this when making decisions. It includes transitional provisions stating that the new sections will apply to special deposits made under account agreements executed on or after August 1, 2025, while also allowing for earlier agreements to be governed by the new sections if all parties consent to amend the agreement and meet specific criteria. Overall, the bill aims to enhance clarity and consistency in the management of special deposits in Minnesota.