What's Special About Special Deposits? The New Uniform Special Deposits Act

In their Secured Transactions column, Barbara M. Goodstein and Adam C. Wolk, discuss the Uniform Special Deposits Act. The act aims to create a set of “clear and executable” rules to govern bank deposits that involve at least two beneficiaries (one of whom may be the depositor) where “the identity of the person entitled to payment is not determined until the occurrence of a contingency identified at the time the deposit is created.”