The bill approved by the Governor on March 11 establishes the Uniform Special Deposits Act in Nebraska, which provides 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 clarifies the conditions under which a deposit qualifies as a special deposit. The act applies to all special deposit agreements, regardless of the parties' relationship to the state, and allows for dispute resolution in a Nebraska forum. It also states that creditor processes are generally unenforceable against the financial institution holding a special deposit, except under specific circumstances.

Additionally, the act specifies that depositors and beneficiaries do not have a property interest in the special deposit itself but only in the right to receive payment if the financial institution is obligated to do so. It outlines the obligations of financial institutions regarding payments, their rights of recoupment or set-off, and their lack of fiduciary duty towards any involved parties. The bill limits the liability of financial institutions for noncompliance to direct damages, excludes consequential damages, and allows reliance on records presented per the account agreement. It also establishes that a special deposit will terminate five years after being funded unless otherwise stated, and any unclaimed balance will revert to the depositor. The act will be supplemented by existing laws unless they conflict and applies to both new and amended prior agreements.