NH HB1502

Creates the Uniform Special Deposits Act (RSA Chapter 384-H) to regulate deposits held at banks and credit unions for specific, contingent purposes on behalf of beneficiaries

Defines "special deposit" as funds held for at least 2 beneficiaries, for a permissible purpose (such as escrow, security deposits, settlement funds, or collateral), and subject to a contingency that must occur before payment is required

Protects special deposits from creditor process (attachment, garnishment, levy) until the bank becomes obligated to pay a specific beneficiary, at which point the creditor must properly serve the bank with sufficient identifying information

Prohibits banks from exercising recoupment or set-off against special deposits except for specific purposes like discharging payment obligations, overdraft fees, or costs directly related to the deposit

Establishes a default 5-year termination period for special deposits unless otherwise specified in the account agreement, with remaining balances paid to depositors if beneficiaries cannot be identified or located

Takes effect 60 days after passage and allows pre-existing deposits to be converted to special deposits if all parties agree and requirements are met