RI H7265

Adds Chapter 35 to Title 19 (Financial Institutions) creating the "Uniform Special Deposits Act" to govern special deposit accounts held by banks for the benefit of two or more beneficiaries

Defines "special deposit" as a bank deposit under an account agreement that serves a permissible purpose (escrow, security deposits, settlement funds, collateral), is subject to a contingency before payment, and benefits at least two parties

Protects special deposits from creditor process (garnishment, attachment, liens) unless the bank is already obligated to pay a specific beneficiary and proper notice is served

Limits bank liability to actual damages proximately caused by noncompliance with account agreements, excluding consequential, special, or punitive damages, and specifies banks have no fiduciary duty regarding special deposits

Sets default 5-year termination period for special deposits unless otherwise specified, with remaining balances payable to depositors if beneficiaries cannot be identified or located