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Committee advances Uniform Special Deposits Act to clarify legal protections for designated funds
5955081 · October 15, 2025
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Summary
The committee advanced a bill intended to clarify the legal status of special deposits so funds set aside are protected from creditor claims, bankruptcy inclusion and bank setoff; committee moved the draft report for legal review and approved by voice vote.
The Committee on Business and Economic Development voted to advance the Uniform Special Deposits Act of 2025, legislation the committee said is designed to reduce legal uncertainty that has depressed the use of special deposits.
The committee’…
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