The proposed bill seeks to implement the Uniform Special Deposits Act in Nebraska, creating a structured legal framework for special deposits held by banks. It defines essential terms such as "account agreement," "bank," "beneficiary," and "special deposit," and establishes the criteria for a deposit to be classified as a special deposit, which includes serving a permissible purpose, benefiting at least two beneficiaries, and being contingent. The bill outlines the responsibilities of banks regarding payments to beneficiaries and the rights of depositors and beneficiaries concerning their property interests in special deposits. It also clarifies that creditor processes are generally unenforceable against banks holding special deposits, except under specific conditions, and that banks do not hold a fiduciary duty in these cases.

Additionally, the bill introduces amendments to existing laws, stating that banks are not liable for relying on the genuineness of records presented to them if those records appear genuine. It specifies that a special deposit will terminate five years after being funded unless otherwise stated in the account agreement, and if a bank cannot locate a beneficiary at termination, it must pay the remaining balance to the depositor(s). The legislation also ensures that the Uniform Commercial Code and consumer protection laws will complement the new act, promoting uniformity across jurisdictions. The act applies to special deposits made under agreements executed on or after its effective date, as well as certain prior deposits if all parties agree to amend the agreement accordingly.