Uniform Special Deposits Act

This bill establishes West Virginia's "Uniform Special Deposits Act" to create standardized rules for special deposits - funds held by banks for specific purposes like escrow, security deposits, or retirement benefits - until a defined event (a "contingency") occurs. It defines key terms such as "beneficiary" (the person entitled to funds upon the contingency) and requires banks to pay beneficiaries when a contingency happens and the bank has knowledge of it. The act allows parties to choose West Virginia as the legal forum for disputes over these deposits, even if the deposit isn't connected to the state. It applies only to special deposits under a formal account agreement, not to regular bank accounts.