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NebraskaLB231109th Legislature 1st and 2nd Sessionslegislature

Adopt the Uniform Special Deposits Act

Sponsored By: Bob Hallstrom

Signed by Governor

Banking, Commerce and Insurance Committee

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

How and when beneficiaries get paid

The bank must pay a beneficiary when the account’s condition for payment is met and clear, finally collected funds are available. If funds are short, a beneficiary can choose to take what is available or a pro rata share. When a duty to pay comes due, payment is immediate unless the agreement says otherwise. A court may block a payment only to stop material fraud tied to the special deposit. If the account requires a record, the bank checks it within a reasonable time and may rely in good faith on a record that looks genuine.

New rules for special deposit accounts

The law creates special deposits with clear rules. To qualify, the account says it is a special deposit, names at least two beneficiaries, serves a listed purpose, and is subject to a condition. A special deposit must keep that purpose; if a bank or court finds it stopped, protections end for money added after that and the bank may end the account. Unless the agreement changes it, the deposit ends five years after first funding. If no entitled beneficiary is found then, any balance is paid to the depositor and the bank is discharged. Core protections cannot be waived; some payment and termination rules can be changed by the account. Parties can pick Nebraska courts for disputes. The Act applies to new accounts and to older ones only if all parties entitled to amend agree. Other commercial and consumer laws apply unless they conflict.

Protections and limits for special deposit funds

A bank generally cannot set off or recoup from a special deposit. The account may allow narrow debits: to pay a beneficiary when due, overdraft fees tied to the account, direct costs, or to fix a mistaken credit. The bank may also recoup against what it owes a beneficiary. You do not own the special deposit itself. You have a right to payment only when the bank is obligated under the agreement or this law. The bank does not owe a fiduciary duty. If it violates the agreement or this law, damages are limited to direct losses unless other state law allows more.

Sponsors & Cosponsors

Sponsor

  • Bob Hallstrom

    Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 226 • No: 0

legislature vote • 3/6/2025

Final Reading

Yes: 48 • No: 0 • Other: 1

legislature vote • 2/19/2025

Vote

Yes: 31 • No: 0 • Other: 18

legislature vote • 2/5/2025

Vote

Yes: 38 • No: 0 • Other: 11

legislature vote • 2/5/2025

Vote

Yes: 39 • No: 0 • Other: 10

legislature vote • Unknown

Vote

Yes: 39 • No: 0 • Other: 10

legislature vote • Unknown

Vote

Yes: 31 • No: 0 • Other: 18

Actions Timeline

  1. Approved by Governor on March 11, 2025

    3/11/2025legislature

  2. Presented to Governor on March 6, 2025

    3/6/2025legislature

  3. President/Speaker signed

    3/6/2025legislature

  4. Passed on Final Reading 48-0-1

    3/6/2025legislature

  5. Dispensing of reading at large approved

    3/6/2025legislature

  6. Placed on Final Reading

    2/24/2025legislature

  7. Advanced to Enrollment and Review for Engrossment

    2/19/2025legislature

  8. Hallstrom AM216 adopted

    2/19/2025legislature

  9. Hallstrom AM216 filed

    2/13/2025legislature

  10. Placed on Select File

    2/11/2025legislature

  11. Advanced to Enrollment and Review Initial

    2/5/2025legislature

  12. Banking, Commerce and Insurance AM30 adopted

    2/5/2025legislature

  13. Banking, Commerce and Insurance AM30 filed

    1/30/2025legislature

  14. Placed on General File with AM30

    1/30/2025legislature

  15. Notice of hearing for January 28, 2025

    1/16/2025legislature

  16. Referred to Banking, Commerce and Insurance Committee

    1/16/2025legislature

  17. Date of introduction

    1/14/2025legislature

Bill Text

  • Introduced

    1/14/2025

    PDF

  • Enrolled / Slip Law

    PDF

  • Final / Enacted

    PDF

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