Bankruptcy and the New Uniform Special Deposits Act: Insulating Depositor Funds From the Reach of Most Creditors

This CLE program will review the Uniform Special Deposits Act (SDA), a new state law promulgated by the Uniform Law Commission and recommended for enactment nationwide. Special deposits can serve an important function in commerce and industry by affording safety and security to the funds deposited in such an account. Regrettably, the current common law of special deposits has been fraught with ambiguities and inconsistencies which have undermined the utility of the device. The panel will discuss the legal uncertainties and the four “mischiefs” which have plagued the common law of special deposits for many years and how the SDA will clarify the law and remedy those mischiefs. The panel will also explain why the SDA is of tremendous benefit and significance to bankruptcy practitioners and secured lenders. Among other provisions, the panel will review the “opt-in” feature of the law and the special choice of law and forum selection rules.

When:  Wednesday, August 21, 2024, 5:30 to 6:30 PM eastern time

Panelists:  Jason Harbour and Hillary Patterson

To register:  Awilliams@hunton.com

Hunton Andrews Kurth LLP will seek CLE credit for this program in CA, FL, GA, NC, NY, TX and VA. Credit hours are not guaranteed and are subject to each state’s approval rules.