Patrick Guida recently co-authored an article on the Uniform Special Deposits Act Briefing which was published in the ABA’s Business Law Today.  Among his ongoing leadership positions in the legal community, Patrick is a Commissioner for the Uniform Law Commission.

Patrick was Chair of the Drafting Committee for this Uniform Special Deposits Act.  The Uniform Special Deposits Act has now been enacted in five (5) states and has been or is being introduced in nineteen (19) other states, including Rhode Island, Massachusetts and New York.  

Special deposits, as the name suggests, are a “special” type of deposit that has different characteristics than other deposits, such as checking or savings deposits. Unlike deposits that are payable on a customer’s order, special deposits are established for a particular purpose, and a beneficiary becomes entitled to payment after a determination is made that a specified contingency has occurred. Special deposits play an important role in commerce and industry and ensure that funds deposited will be available to the person entitled to them in the future once their established purpose has been satisfied.

See the full article here.