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Legislative Year: 2024 Change
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Bill Detail: HB24-1232

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Title Uniform Special Deposits Act
Status Governor Signed (05/17/2024)
Bill Subjects
  • Financial Services & Commerce
House Sponsors M. Snyder (D)
Senate Sponsors R. Gardner (R)
House Committee Finance
Senate Committee Judiciary
Date Introduced 02/12/2024
Summary

Colorado Commission on Uniform State Laws. The bill enacts
the Uniform Special Deposits Act as drafted by the Uniform Law
Commission, which addresses deposits at a bank where the identity of the
person entitled to payment is not determined until the occurrence of a
contingency identified at the time that the deposit is created. Concerns
have arisen about such special deposits that may undermine the use of
special deposits as a useful vehicle to hold funds that may be paid in the
future to one or more persons depending on the resolution of one or more
specified contingencies. The bill addresses these concerns by reducing
legal uncertainties related to the attributes that make a deposit special
and the rights of the parties interested in the special deposit, their
respective creditors, and the bank holding the special deposit prior to the
resolution of the contingency.

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with Amendments
Full Text
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Fiscal Notes Fiscal Notes (03/01/2024) (most recent)  
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