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Senate committee backs uniform special deposits act to protect contingent bank funds
2413288 · February 26, 2025
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Summary
Senators favorably recommended Senate Bill 294, adopting the Uniform Special Deposits Act as an opt-in framework that clarifies treatment of deposits whose ownership is contingent on future events.
The Senate Business and Labor Standing Committee on Feb. 26 voted to favorably recommend Senate Bill 294, which adopts the Uniform Special Deposits Act to clarify the treatment of bank deposits held for payees…
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