Uniform Special Deposits Act: A Primer on What’s Special About the USDA (OnDemand)

Originally held on Wednesday, September 23, 2026 | 4:00 pm – 5:30 pm

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Program Co-Chairs:

Gizem Alper, Chair, Commercial Law & Uniform State Committee

Barbara Goodstein, Member, Commercial Law & Uniform State Committee

  • The Uniform Special Deposits Act (the “USDA”), promulgated by the Uniform Law Commission in 2023, was recently enacted in New York. It provides for a uniform legal framework for special bank deposits where the recipient is determined only upon the occurrence of the specified contingency. The program will explore how the USDA addresses issues involving escrow-like arrangements, payment assurances, creditor rights, and the segregation of funds in financing and transactional structures. Panelists will discuss key provisions of the Act, its adoption trends across jurisdictions, and practical implications for financial institutions, commercial parties, and legal practitioners. The presentation will also consider how the USDA interacts with existing UCC principles and emerging transactional practices in modern commerce.

     

    Program Fee:
    $49 for Members | $149 for Nonmembers

  • Danielle Abada
    Observer, ULC Uniform Special Deposits Act
    Commercial Law and Uniform State Laws Committee Member

    Thomas C. Baxter, Jr.
    Law Offices of Thomas C. Baxter, Jr., LLP
    Co-Reporter: Uniform Special Deposits Act

    Greg Cavanagh
    General, Counsel, The Clearing House Payments Company L.L.C.

    Barbara M. Goodstein
    Partner, Mayer Brown LLP

    Edwin E. Smith
    Senior Consultant at Morgan Lewis & Bockius LLP
    Massachusetts Uniform Law Commissioner

    Joseph Torregrossa
    Assistant General Counsel – Federal Reserve Bank of New York

    Michael M. Wiseman
    Of counsel, Sullivan & Cromwell LLP
    Co-Reporter: Uniform Special Deposits Act Committee Member

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    4:00 – 4:05 p.m.          Introduction of Topic and Panelists

    4:05 – 5:20 p.m.          Panel Discussion

    • What Is a Special Deposit and How Is It Treated Under Common Law
    • Structure and Objectives of the USDA
    • Sample Usage Cases and How to Implement
    • Current Enactment Status

    5:20 – 5:30 p.m.          Q&A

     

  • New York: 1.5 Professional Practice
    New Jersey: 1.5 General
    California: 1.0 General
    Pennsylvania: 1.0 General
    Connecticut: Available to Licensed Attorneys

  • Sponsoring Association Committees:
    Commercial Law & Uniform State Laws | Gizem Alper, Chair

    Banking Law Committee | Anna T. Pindeo, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Yelena Balashchenko, Manager, Business Development & Sponsorships | (212) 382-6608 | ybalashchenko@nycbar.org

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