Uniform Special Deposits Act: A Primer on What’s Special About the USDA

The Uniform Special Deposits Act (the “USDA”), promulgated by the Uniform Law Commission in 2023, was recently enacted in New York. It provides for a uniform legal framework for special bank deposits where the recipient is determined only upon the occurrence of the specified contingency. The program will explore how the USDA addresses issues involving escrow-like arrangements, payment assurances, creditor rights, and the segregation of funds in financing and transactional structures. Panelists will discuss key provisions of the Act, its adoption trends across jurisdictions, and practical implications for financial institutions, commercial parties, and legal practitioners. The presentation will also consider how the USDA interacts with existing UCC principles and emerging transactional practices in modern commerce.

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