On Apr. 22, OKL LEG passed bill to create Uniform special deposits act.
OKL LEG passed bill SB 1819 to create the Uniform special deposits act and provided conditions for the use of special deposits; created new section OKL LEG 6-910.
Established framework for banks and their customers to utilize special deposits.
Which is a deposit of money at a bank for a particular purpose when person entitled to the money is money determined after a specified event or contingency occurs.
Bill Provisions
A deposit is a special deposit if it is: deposit of funds in bank under account agreement and for benefit of at least 2 beneficiaries, one or more of whom may be a depositor.
Special deposit shall serve at least 1 permissible purpose stated in account agreement from time special deposit is created in account agreement until termination of deposit.
Unless account agreement provides otherwise, bank is obligated to pay beneficiary if there are sufficient actually collected funds in the balance of the special deposit.
Obligation to pay beneficiary is excused if funds in the deposit are insufficient to cover.
Bank may discharge its obligation crediting another transaction account of beneficiary or taking other action that is permitted under agreement for bank to obtain discharge.
Neither a depositor nor a beneficiary has a property interest in a special deposit.
Any property interest with respect to special deposit is only in right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself.
Legislative History
On Feb 5, 2024, bill introduced in Senate; on Mar. 14, 2024, bill was passed Senate.
On Mar. 18, 2023, bill introduced in House; on Apr. 18, 2024, bill was passed in House.
On Apr. 22, 2024 bill returned to Senate; on Apr. 22, bill sent to governor for action.
Effectiveness
Bill provisions become effective on Nov. 1, 2024.
Apr. 26, 2024 OKL LEG Governor Approval
On Apr. 26, 2024, OKL LEG governor approved bill SB 1819, effective on Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
Bank
Reference
Bill, 4/26/2024; Bill SB1819, 4/22/2024; Citation: OKL LEG 6;
