The Uniform Special Deposits Act establishes a comprehensive legal framework for managing special deposits in Nebraska's financial institutions. It defines essential terms such as "account agreement," "financial institution," "beneficiary," and "special deposit," and sets forth the criteria for a deposit to qualify as a special deposit, including the requirement that it serves a permissible purpose, benefits at least two beneficiaries, and is subject to a contingency. The act clarifies that neither depositors nor beneficiaries hold a property interest in the special deposit itself, but rather a right to receive payment from the financial institution. It also addresses the enforceability of creditor processes against special deposits and limits the financial institutions' rights to recoupment or set-off, while stating that no fiduciary duties are owed to depositors or beneficiaries.

Additionally, the act outlines the liability of financial institutions, stating that they are only liable for damages directly caused by noncompliance with the account agreement or relevant laws, excluding consequential, special, or punitive damages. It allows institutions to rely on records presented according to the account agreement for determining payment obligations and specifies that a special deposit will terminate five years after being funded unless otherwise stated in the agreement. The act also ensures that existing consumer protection laws and principles of equity will apply unless they conflict with its provisions, and it promotes uniformity in application across jurisdictions. The act applies to special deposits made under new agreements as well as those under prior agreements if all parties consent to amend them accordingly.