The bill approved by the Governor on March 11 establishes the Uniform Special Deposits Act in Nebraska, providing a comprehensive legal framework for special deposits held by financial institutions. It defines essential terms such as "account agreement," "financial institution," "beneficiary," and "special deposit," and outlines the conditions under which a deposit qualifies as a special deposit. The act applies to any special deposit agreement that indicates the parties' intention to be governed by this act, regardless of their relationship to the state. It also allows parties to select a forum in Nebraska for resolving disputes related to special deposits.

Additionally, the act delineates the rights and obligations of financial institutions, depositors, and beneficiaries, clarifying that neither depositors nor beneficiaries hold a property interest in the special deposit itself but have a right to payment if the financial institution is obligated to pay. The bill limits the liability of financial institutions for noncompliance to direct damages, excludes consequential damages, and allows them to rely on records presented under the account agreement. It specifies that a special deposit will terminate five years after being funded unless otherwise stated, and if a beneficiary cannot be identified, the remaining balance will revert to the depositor. The act also ensures that various laws, including consumer protection laws, will supplement its provisions unless there is a conflict, and it promotes uniformity in application across jurisdictions.