Adam Wolk, left, and Barbara Goodstein, right, of Mayer Brown. Courtesy photos Introduction
In February, this column discussed a new state law proposed by the Uniform Law Commission, namely the Uniform Special Deposits Act (the "USDA" or the "act"). The act seeks to eliminate inconsistent treatment across states of structures, such as trusts and escrows, intended to insulate deposit account assets from the risk of the depositor's bankruptcy.The Odonata Case: Trusts, Escrows and Property of the Estate (or Not) Part II
To avoid property held in "escrow" from becoming part of the bankruptcy estate of a depositor, creditors must be aware of state law governing the creation of escrow accounts and pay attention to the logistics of such accounts to ensure they conform with such law.
July 31, 2024 at 02:23 PM
9 minute read
Analysis Adam Wolk, left, and Barbara Goodstein, right, of Mayer Brown. Courtesy photos
Introduction
In February, this column discussed a new state law proposed by the Uniform Law Commission, namely the Uniform Special Deposits Act (the "USDA" or the "act"). The act seeks to eliminate inconsistent treatment across states of structures, such as trusts and escrows, intended to insulate deposit account assets from the risk of the depositor's bankruptcy.
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