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 outlines the conditions for a deposit to qualify as a special deposit. The act applies to these deposits regardless of their connection to the state and allows parties to select a Nebraska forum for dispute resolution. Importantly, it clarifies that the act does not alter rights or obligations related to other deposit types or fraudulent transfers.

Additionally, the act delineates the responsibilities of financial institutions concerning payments to beneficiaries and the nature of property interests in special deposits. It establishes that depositors and beneficiaries do not hold a property interest in the special deposit itself but rather in the right to receive payment. The bill limits the liability of financial institutions for noncompliance to direct damages, excludes consequential damages, and allows reliance on records per the account agreement for payment obligations. It also specifies that a special deposit will terminate five years after funding unless otherwise stated, with unidentifiable beneficiary balances reverting to the depositor. The act is designed to ensure clarity and consistency in managing special deposits while allowing for the application of existing laws unless they conflict with its provisions.