The proposed bill, HB 1502, establishes the "Uniform Special Deposits Act" as a new chapter (384-H) in existing law, which governs deposits held at banks and credit unions for specific purposes on behalf of beneficiaries. It introduces key definitions such as "account agreement," "beneficiary," "contingency," and "special deposit," while outlining the rights and obligations of banks and depositors. Notably, the bill stipulates that if a beneficiary is a party to an account agreement, amendments can be made without their consent only if expressly permitted by the agreement. It also clarifies that a special deposit must benefit at least two beneficiaries and that neither the depositor nor the beneficiary holds a property interest in the special deposit itself, but rather in the right to receive payment.

Additionally, the bill specifies that the provisions of the new chapter cannot be varied by agreement, except in certain sections, and emphasizes that any provision significantly limiting liability or remedies for non-performance will not alter the chapter's effects. It allows for the selection of a forum within the state for dispute resolution related to special deposits and outlines conditions under which a bank may discharge its obligations. The bank is not held to a fiduciary duty regarding special deposits, and its liability is limited to damages directly caused by noncompliance with the account agreement or the chapter. The bill also includes transitional provisions for its applicability to special deposits made under prior agreements, a severability clause, and is set to take effect 60 days after passage.