RI S2519

Creates a new chapter in Rhode Island law adopting the "Uniform Special Deposits Act" to govern special deposit accounts held by banks for escrows, security deposits, settlement funds, and similar purposes

Defines a special deposit as funds held in a bank under an account agreement for at least two beneficiaries, subject to a contingency, and serving a permissible purpose such as holding escrow funds, tenant security deposits, or settlement payments

Protects special deposits from creditor garnishment or attachment until the bank becomes obligated to pay a beneficiary, at which point creditors may enforce process only against the amount owed

Limits bank liability to proximate damages for noncompliance with account agreements, explicitly excludes fiduciary duties, and prohibits consequential, special, or punitive damages except as otherwise provided by law

Sets default 5-year termination period for special deposits after initial funding, with remaining balances paid to depositors if beneficiaries cannot be identified or located