Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1819 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 59th Legislature (2024)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1819 By: Hall of the Senate
7	37
8	38		and
9	39
10	40		Lepak of the House
11	41
12	42
13	43
14	44
15	45		An Act relating to banking; creating the Uniform
16	46		Special Deposits Act; providing short title; defining
17	47		terms; providing scope of act; allowing for
18	48		agreements to be amen ded under certain circumstances;
19	49		specifying what makes a special deposit; permitting
20	50		termination of accounts under certain circumstances;
21	51		providing conditions under which a bank may
22	52		distribute funds to a beneficiary; specifying deposit
23	53		interests; requiring certain conditions for creditor
24	54		process; allowing relief; providing conditions for
25	55		recoupment by a bank; specifying fiduciary duties of
26	56		bank under this act; setting time frame and
27	57		provisions for termination of accounts; permitting
28	58		uniformity of implementation of act by law; providing
29	59		for codification; and providing an effective date .
30	60
31	61
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34	64
35		-	SUBJECT: Special deposits
36		-
37	65		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
38		-
39	66		SECTION 1. NEW LAW A new section of law to be codified
40	67		in the Oklahoma Statutes as Section 910 of Title 6, unless there is
41	68		created a duplication in numbering, reads as follows:
42		-
43	69		This act shall be known and may be cited as the “Uniform Special
44	70		Deposits Act”.
45	71
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46	97
47		-	ENR. S. B. NO. 1819 Page 2
48	98		SECTION 2. NEW LAW A new section of law to be codified
49	99		in the Oklahoma Statutes as Section 910.1 of Title 6, unless there
50	100		is created a duplication in numbering, reads as follows:
51		-
52	101		As used in this act:
53		-
54	102		1. “Account agreement” means an agreement that:
55		-
56	103		a. is in a record between a bank and one or more
57	104		depositors,
58		-
59	105		b. may have one or more beneficiaries as additional
60	106		parties, and
61		-
62	107		c. states the intention of the parties to establish a
63	108		special deposit pursuant to this act;
64		-
65	109		2. “Bank” means a person engaged in the business of banking
66	110		including, but not limited to, a savings bank, savi ngs and loan
67	111		association, credit union, trust company, or bank as defined in
68	112		Section 102 of Title 6 of the Oklahoma Statutes. Each branch or
69	113		separate office of a bank is a separate bank for the purpose of this
70	114		act;
71		-
72	115		3. “Beneficiary” means a person that:
73		-
74	116		a. is identified as a beneficiary in an account
75	117		agreement, or
76		-
77	118		b. if not identified as a beneficiary in an account
78	119		agreement, may be entitled to payment from a special
79	120		deposit:
80		-
81	121		(1) under the account agreement, or
82	122
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83	149		(2) on termination of the special deposit;
84		-
85	150		4. “Contingency” means an event or circumstance state d in an
86	151		account agreement th at is not certain to occur but shall occur
87	152		before the bank is obligated to pay a beneficiary;
88		-
89		-
90		-	ENR. S. B. NO. 1819 Page 3
91	153		5. “Creditor process” means attachment, garnishment, levy,
92	154		notice of lien, seques tration, or a similar process issued by or on
93	155		behalf of a creditor or other claimant;
94		-
95	156		6. “Depositor” means a person that establishes or funds a
96	157		special deposit;
97		-
98	158		7. “Good faith” means honesty in fact and observance of
99	159		reasonable commercial standards of fa ir dealing;
100		-
101	160		8. “Knowledge of a fact” means:
102		-
103	161		a. with respect to a beneficiary, a ctual knowledge of the
104	162		fact, or
105		-
106	163		b. with respect to a bank holding a spe cial deposit:
107		-
108	164		(1) if the bank:
109		-
110	165		(a) has established a reasonable routine for
111	166		communicating material inform ation to an
112	167		individual to whom the bank has assigned
113	168		responsibility for the special deposit, and
114		-
115	169		(b) maintains reasonable compliance with the
116	170		routine, actual knowledge of the fact by
117	171		that individual, or
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119	199		(2) if the bank has not established and maintained
120	200		reasonable compliance with a routine described in
121	201		division (1) of this subparagrap h or otherwise
122	202		exercised due diligence, implied knowledge of the
123	203		fact that would have come to the attention of an
124	204		individual to whom the bank has assigned
125	205		responsibility for th e special deposit;
126		-
127	206		9. “Obligated to pay a beneficiary ” means a beneficiary is
128	207		entitled under the account agreement to receive from the bank a
129	208		payment when:
130		-
131	209		a. a contingency has occurred, and
132		-
133		-
134		-	ENR. S. B. NO. 1819 Page 4
135	210		b. the bank has knowledge the contingency has occurred.
136		-
137	211		An “obligation to pay a beneficiary ” shall mean the same;
138		-
139	212		10. “Permissible purpose” means a governmental, regulatory,
140	213		commercial, charitable, or testamentary objective of the parties
141	214		stated in an account agreement. The term includes an objective to:
142		-
143	215		a. hold funds:
144		-
145	216		(1) in escrow, including for a purchase and sale,
146	217		lease, buyback, or other transaction,
147		-
148	218		(2) as a security deposit of a tenant,
149		-
150	219		(3) that may be distributed to a person a s
151	220		remuneration, retirement, or other benefit, or
152	221		compensation under a judgment, conse nt decree,
153	222		court order, or other decision of a tribunal, or
154	223
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155	250		(4) for distribution to a defined class of persons
156	251		after identification of the class member s and
157	252		their interest in the funds,
158		-
159	253		b. provide assurance with respect to an obligation
160	254		created by contract, such as earnest money to ensure a
161	255		transaction closes,
162		-
163	256		c. settle an obligation that arises in the operation of a
164	257		payment system, securities settlement system, or other
165	258		financial market infrastructure,
166		-
167	259		d. provide assurance with respect to an obligation tha t
168	260		arises in the operation of a payment system,
169	261		securities settlement system, or other financial
170	262		market infrastructure, or
171		-
172	263		e. hold margin, other cash co llateral, or funds that
173	264		support the orderly functioning of financial market
174	265		infrastructure or the perform ance of an obligation
175	266		with respect to the infrastructure;
176		-
177		-
178		-	ENR. S. B. NO. 1819 Page 5
179	267		11. “Person” means an individual, estate, business, or
180	268		nonprofit entity, government or gover nmental subdivision, agency, or
181	269		instrumentality, or other legal entity. The term may include a
182	270		protected series, however denominated, of an entity if the protected
183	271		series is establishe d under law that limits, or limits if conditions
184	272		specified under law ar e satisfied, the ability of a creditor of the
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185	300		entity or of any other protected series of the entity to sa tisfy a
186	301		claim from assets of the protected series;
187		-
188	302		12. “Record” means information:
189		-
190	303		a. inscribed on a tangible medium, or
191		-
192	304		b. stored in an electronic or other medium and
193	305		retrievable in perceivable form;
194		-
195	306		13. “Special deposit” means a deposit as specified in Section 5
196	307		of this act; and
197		-
198	308		14. “State” means a state of the United States, the District of
199	309		Columbia, Puerto Rico, the U.S. Virgin Islands, or any oth er
200	310		territory or possession subject to the jurisdiction of the United
201	311		States, including an agency or instrumentality of the state.
202		-
203	312		SECTION 3. NEW LAW A new section of law to be codified
204	313		in the Oklahoma Statutes as Section 910.2 of Title 6, unless there
205	314		is created a duplication in numbering, reads as follows:
206		-
207	315		A. This act shall apply to a special deposit under an account
208	316		agreement that states the intention of the pa rties to establish a
209	317		special deposit governed by this act, regardless o f whether a party
210	318		to the account agreement or a transaction related to the special
211	319		deposit, or the specia l deposit itself, has a reasonable relation to
212	320		this state.
213		-
214	321		B. The parties to an account agreement may choose a forum in
215	322		this state for settling a disp ute arising out of the special
216	323		deposit, regardless of whether a party to the account agreement or a
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217	351		transaction related to the special deposit, or the special deposit
218	352		itself, has a reasonable relation to this state.
219		-
220	353		C. This shall not affect:
221		-
222		-	ENR. S. B. NO. 1819 Page 6
223		-
224	354		1. A right or obligation relating to a deposit other than a
225	355		special deposit under this act; or
226		-
227	356		2. The voidability of a deposit or transfer that is fraudulent
228	357		or voidable under other law.
229		-
230	358		SECTION 4. NEW LAW A new section of law to be codified
231	359		in the Oklahoma Statutes as Section 910.3 of Title 6, unless there
232	360		is created a duplication in numbering, reads as follows:
233		-
234	361		A. The effect of Sections 2 through 6, 8 through 11, and
235	362		Section 13 of this act may not be varied by agreement, except as
236	363		provided in those sections. Subject to subsection B of this
237	364		section, the effects of Sections 7, 12, and 13 of this act may be
238	365		varied by agreement.
239		-
240	366		B. A provision in an account agreement or other record that
241	367		substantially excuses liability or substantially limits r emedies for
242	368		failure to perform an obligation under this act is not sufficient to
243	369		vary the effect of a pro vision of this act.
244		-
245	370		C. If a beneficiary is a party to an account agreement, the
246	371		bank and the depositor may amend the agreement without the consent
247	372		of the beneficiary only if the agreement expressly permits the
248	373		amendment.
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249	400
250	401		D. If a beneficiary is not a part y to an agreement and the bank
251	402		and the depositor know the beneficiary has knowledge of the
252	403		agreement’s terms, the bank and the depositor may amend the
253	404		agreement without the consent of the beneficiary only if the
254	405		amendment does not adversely and materially affect a payment right
255	406		of the beneficiary.
256		-
257	407		E. If a beneficiary is not a party t o an account agreement and
258	408		the bank and the depositor do not know wheth er the beneficiary has
259	409		knowledge of the agreement ’s terms, the bank and the depositor may
260	410		amend the agreement without the consent of the beneficiary only if
261	411		the amendment is made in good faith.
262		-
263		-
264		-	ENR. S. B. NO. 1819 Page 7
265	412		SECTION 5. NEW LAW A new section of la w to be codified
266	413		in the Oklahoma Statutes as Section 910.4 of Title 6, unless there
267	414		is created a duplicat ion in numbering, reads as follows:
268		-
269	415		A deposit is a special deposit if it is:
270		-
271	416		1. A deposit of funds in a bank under an account agreement;
272		-
273	417		2. For the benefit of at least two (2) beneficiaries, one or
274	418		more of whom may be a depositor;
275		-
276	419		3. Denominated in a me dium of exchange that is currently
277	420		authorized or adopted by a domestic or foreign government;
278		-
279	421		4. For a permissible purpose stated in the account agree ment;
280	422		and
	423	+	5. Subject to a contingency.
281	424
282		-	5. Subject to a contingency.
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283	450
284	451		SECTION 6. NEW LAW A new section of law t o be codified
285	452		in the Oklahoma Statutes as Section 910.5 of Title 6, unless there
286	453		is created a duplication in numbering, reads as follows:
287		-
288	454		A. A special deposit shall serve at least one permissible
289	455		purpose stated in the account agreement from the time the s pecial
290	456		deposit is created in the account agreement until termination of the
291	457		special deposit.
292		-
293	458		B. If, before termination of a special deposit, the bank or a
294	459		court determined the special deposit no longer satisfies subsection
295	460		A of this section, Sections 8 th rough 11 of this act cease to apply
296	461		to any funds deposited in the special deposi t after the special
297	462		deposit ceases to satisfy subsection A of this sect ion.
298		-
299	463		C. If, before termination of a special deposit, the bank
300	464		determines the special deposit no longer satisfies subsection A of
301	465		this section, the bank may take action i t believes is necessary
302	466		under the circumstances, including terminating the special dep osit.
303		-
304	467		SECTION 7. NEW LAW A new section of law to be codified
305	468		in the Oklahoma Stat utes as Section 910.6 of Title 6, unless there
306	469		is created a duplication in numbe ring, reads as follows:
307		-
308		-	ENR. S. B. NO. 1819 Page 8
309		-
310	470		A. Unless the account agreement provides other wise, the bank is
311	471		obligated to pay a beneficiary if there are sufficient actually and
312	472		finally collected funds in the balance of the special deposit.
313	473
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314	500		B. Except as provided in subsection C of this section, the
315	501		obligation to pay the beneficiary is excused if the funds available
316	502		in the special deposit are insufficient to cover such payment.
317		-
318	503		C. Unless the accoun t agreement provides otherwise, if the
319	504		funds available in the special deposit ar e insufficient to cover an
320	505		obligation to pay a beneficiary, a beneficia ry may elect to be paid
321	506		the funds that are available or, if there is more than one
322	507		beneficiary, a pro rat a share of the funds available. Payment to
323	508		the beneficiary making the election under this subsection discharges
324	509		the bank’s obligation to pay a benefic iary and does not constitute
325	510		an accord and satisfaction with respect to another person obligated
326	511		to the beneficiary.
327		-
328	512		D. Unless the account agreement provides otherwise, the
329	513		obligation of the bank obligated to pay a beneficiary is immediately
330	514		due and payable.
331		-
332	515		E. The bank may discharge its obligation under this section by:
333		-
334	516		1. Crediting another transaction ac count of the beneficiary; or
335		-
336	517		2. Taking other action that:
337		-
338	518		a. is permitted under the account agreement for the bank
339	519		to obtain a discharge, or
340		-
341	520		b. otherwise would constitute a discharge under law.
342		-
343	521		F. If the bank obligated to pay a beneficiary has incurred a n
344	522		obligation to discharge that obligation of another person, the
345	523		obligation of the other person is discharged if action by the bank
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346	551		under subsection E of this section would constitute a discharge of
347	552		the obligation of the other person under law that determi ned whether
348	553		an obligation is satisfied.
349		-
350		-
351		-	ENR. S. B. NO. 1819 Page 9
352	554		SECTION 8. NEW LAW A new section of law to be codified
353	555		in the Oklahoma Statutes as Sect ion 910.7 of Title 6, unless there
354	556		is created a duplication in numbering, reads as follows:
355		-
356	557		A. Neither a depositor nor a beneficiary has a property
357	558		interest in a special deposit.
358		-
359	559		B. Any property interest with respect to a special deposit is
360	560		only in the right to receive payment if the bank is obligated to pay
361	561		a beneficiary and not in the special deposit itse lf. Any property
362	562		interest under this subsection is determined under other law.
363		-
364	563		SECTION 9. NEW LAW A new section of law to be c odified
365	564		in the Oklahoma Statutes as Section 910.8 of Title 6, unless there
366	565		is created a duplication in nu mbering, reads as follows:
367		-
368	566		A. Subject to subsection B of this section, creditor process
369	567		with respect to a special deposit is not enforceable against t he
370	568		bank holding the special deposit.
371		-
372	569		B. Creditor process is enforceable against the bank holding a
373	570		special deposit with respect to an amount the bank is obligated to
374	571		pay a beneficiary or a depositor if the process:
	572	+	1. Is served on the bank;
375	573
376		-	1. Is served on the bank;
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	594	+	20
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377	599
378	600		2. Provides sufficient information to permit the bank to
379	601		identify the depositor or the beneficiary from the bank ’s book and
380	602		records; and
381		-
382	603		3. Gives the bank a reasonable opportunity to act on the
383	604		process.
384		-
385	605		C. Creditor process served on a bank before it is enforceable
386	606		against the bank under subsection B of this section does not create
387	607		a right of the creditor against the ba nk or a duty of the bank to
388	608		the creditor. Other law determines whether creditor process creates
389	609		a lien enforceable against the beneficiary on a contin gent interest
390	610		of a beneficiary, including a depositor as a beneficiary, even if
391	611		not enforceable against t he bank.
392		-
393		-
394		-	ENR. S. B. NO. 1819 Page 10
395	612		SECTION 10. NEW LAW A new section of law to be c odified
396	613		in the Oklahoma Statutes as Section 910.9 of Title 6, unless there
397	614		is created a duplication in numbering, reads as follows:
398		-
399	615		A court may enjoin, or grant similar relief that would have the
400	616		effect of enjoining, a bank from paying a depositor or beneficiary
401	617		only if payment would constitute a material fraud or facilitate a
402	618		material fraud with respect to a special deposit.
403		-
404	619		SECTION 11. NEW LAW A new sect ion of law to be codified
405	620		in the Oklahoma Statutes as Section 910.10 of Title 6, unless there
406	621		is created a duplication in numbering, reads as follows:
407	622
	623	+	SB1819 HFLR Page 13
	624	+	BOLD FACE denotes Committee Amendments. 1
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	648	+
408	649		A. Except as provided in subsection B or C of this section, a
409	650		bank may not exercise a right of recoupmen t or set off against a
410	651		special deposit.
411		-
412	652		B. An account agreement may authorize the bank to debit the
413	653		special deposit:
414		-
415	654		1. When the bank becomes obligat ed to pay a beneficiary, in an
416	655		amount that does not exceed the amount necessary to discharge the
417	656		obligation;
418		-
419	657		2. For a fee assessed by the bank that relates to an overdraft
420	658		in the special deposit;
421		-
422	659		3. For costs incurred by the bank that relate directly to the
423	660		special deposit; or
424		-
425	661		4. To reverse an earlier credit posted by the bank to the
426	662		balance of the special deposit, if the reversal occurs under an
427	663		event or circumstance warranted under other law of this s tate
428	664		governing mistake and restitution.
429		-
430	665		C. The bank holding a special deposit may exercise a right of
431	666		recoupment or set off against an obligation to pay a b eneficiary,
432	667		even if the bank funds payment from the special deposit.
433		-
434	668		SECTION 12. NEW LAW A new section of law to be codified
435	669		in the Oklahoma Statutes as Section 910.11 of Title 6, unless there
436	670		is created a duplication in numbering, r eads as follows:
437		-
438		-	ENR. S. B. NO. 1819 Page 11
439		-
440	671		A. A bank does not have a fiduciary duty to any person with
441	672		respect to a special deposit.
	673	+
	674	+	SB1819 HFLR Page 14
	675	+	BOLD FACE denotes Committee Amendments. 1
	676	+	2
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442	699
443	700		B. When the bank holding a special deposit becomes obligated to
444	701		pay a beneficiary, a debtor -creditor relationship arises between the
445	702		bank and beneficiary.
446		-
447	703		C. The bank holding a special deposit has a duty to a
448	704		beneficiary to comply with the account agreement and this act.
449		-
450	705		D. If the bank holding a special deposit does not comply with
451	706		the account agreement or this act, the bank is liable to a deposito r
452	707		or beneficiary only for damages proximately caused by the
453	708		noncompliance. Except as provided by other law of this state, the
454	709		bank is not liable for c onsequential, special, or punitive damages.
455		-
456	710		E. The bank holding a special deposit may rely on records
457	711		presented in compliance with the account agreement to determine
458	712		whether the bank is obligated to pay a beneficiary.
459		-
460	713		F. If the account agreement requires payment on presentation of
461	714		a record, the bank shall determine within a reasonable amount of
462	715		time whether the record is sufficient to require payment. If the
463	716		agreement requires action by the bank on presentation of a record,
464	717		the bank is not liable for rel ying in good faith on the genuineness
465	718		of the record if the record appears on its face to be genuine.
466		-
467	719		G. Unless the account agreement provides otherwise, the bank is
468	720		not required to determine whether a permissible purpose stated in
469	721		the agreement continues to exist.
470	722
	723	+	SB1819 HFLR Page 15
	724	+	BOLD FACE denotes Committee Amendments. 1
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	748	+
471	749		SECTION 13. NEW LAW A new section of law to be codified
472	750		in the Oklahoma Statutes as Section 910.12 of Title 6, unless there
473	751		is created a duplication in numbering, reads as follows:
474		-
475	752		A. Unless otherwise provided in the accou nt agreement, a
476	753		special deposit terminates five (5) years after the date the special
477	754		deposit was first fu nded.
478		-
479	755		B. Unless otherwise provided in the account agreement, if the
480	756		bank cannot identify or locate a beneficiary entitled to payment
481		-
482		-	ENR. S. B. NO. 1819 Page 12
483	757		when the special deposit is terminated, and a balance remains in the
484	758		special deposit, the bank shall pay the balance to th e depositor or
485	759		depositors as a beneficiary or beneficiaries.
486		-
487	760		C. A bank that pays the remaining balance as provided under
488	761		subsection B of this section has no further obligation with respect
489	762		to the special deposit.
490		-
491	763		SECTION 14. NEW LAW A new section of law to be codified
492	764		in the Oklahoma Statutes as Section 910.13 of Title 6, unless there
493	765		is created a duplication in numbering, reads a s follows:
494		-
495	766		Title 12A of the Oklahoma Statutes, consumer protection law, law
496	767		governing deposits generally, law related to escheat and abandoned
497	768		or unclaimed property, and the principles of law and equity,
498	769		including law related to capacity to contract, princ iple and agent,
499	770		estoppel, fraud, misrepresentation, duress, coercion, mistake, and
500	771		bankruptcy, supplement this act except to the extent inconsistent
501	772		with this act.
502	773
	774	+	SB1819 HFLR Page 16
	775	+	BOLD FACE denotes Committee Amendments. 1
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	799	+
503	800		SECTION 15. NEW LAW A new section of law to be codified
504	801		in the Oklahoma Statutes as Section 910.14 of Title 6, unless there
505	802		is created a duplication in numbering, reads as fo llows:
506		-
507	803		In applying and construing this uniform act, a court shall
508	804		consider the promotion of uniformity of the law among jurisdictions
509	805		that enact it.
510		-
511	806		SECTION 16. This act shall become effective November 1, 2024.
512	807
513		-
514		-	ENR. S. B. NO. 1819 Page 13
515		-	Passed the Senate the 1 4th day of March, 2024.
516		-
517		-
518		-
519		-	Presiding Officer of the Senate
520		-
521		-
522		-	Passed the House of Representatives the 18th day of April, 2024.
523		-
524		-
525		-
526		-	Presiding Officer of the House
527		-	of Representatives
528		-
529		-	OFFICE OF THE GOVERNOR
530		-	Received by the Office of the Governor this _______ _____________
531		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
532		-	By: ____________________________ _____
533		-	Approved by the Governor of the State of Oklahoma this _______ __
534		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
535		-
536		-	_________________________________
537		-	Governor of the State of Oklahoma
538		-
539		-
540		-	OFFICE OF THE SECRETARY OF STATE
541		-	Received by the Office of the Secretary of State this _______ ___
542		-	day of _________________ _, 20 _______, at _______ o'clock _______ M.
543		-	By: _________________________________
	808	+	COMMITTEE REPORT BY: COMMITTEE ON BANKING, FINANCIAL SERVICES AND
	809	+	PENSIONS, dated 04/01/2024 - DO PASS.