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Committee hears sponsor on bill to create a statutory special-purpose bank account mechanism
2322239 · February 11, 2025
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Summary
Representative Knight presented a Uniform Law Commission bill (HB5332) to authorize banks to hold funds in a statutory special-purpose account — a lower-cost alternative to trusts for inter-party holding or escrow.
Representative Knight introduced House Bill 5332, a Uniform Law Commission model that would authorize banks to hold funds in a statutory special-purpose account, described by the sponsor as a "trust on the…
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