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.
