The bill establishes the "Uniform Special Deposits Act," which introduces a new chapter to Title 30A of the Revised Code of Washington (RCW). It defines key terms related to special deposits, including "account agreement," "beneficiary," "depositor," and "special deposit," and outlines the requirements for a deposit to qualify as a special deposit. The act specifies that a special deposit must benefit at least two beneficiaries, be denominated in an authorized medium of exchange, serve a permissible purpose, and be subject to a contingency. It also clarifies the obligations of banks regarding payments to beneficiaries, the rights of depositors and beneficiaries, and the enforceability of creditor processes against banks holding special deposits.

Additionally, the bill addresses the duties and liabilities of banks, stating that they do not have a fiduciary duty concerning special deposits and can only be held liable for damages directly caused by noncompliance with the account agreement or the act. The act includes provisions for the termination of special deposits, the application of existing laws, and the promotion of uniformity across jurisdictions. It will take effect on July 1, 2024, and applies to special deposits made under account agreements executed on or after this date, as well as those made under prior agreements if amended to comply with the new provisions.