Colorado § 11-111-109 When creditor process enforceable against bank

Colorado Statutes

§ 11-111-109 — When creditor process enforceable against bank

Colorado·Title 11 Financial·Art. Uniform Special Deposits Act

(1)Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit.

(2)Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obligated to pay a beneficiary or a depositor if the process:

(a)Is served on the bank;

(b)Provides sufficient information to permit the bank to identify the depositor or the beneficiary from the bank's books and records; and

(c)Gives the bank a reasonable opportunity to act on the process.

(3)Creditor process served on a bank before it is enforceable against the bank under subsection (2) of this section does not create a right of the creditor against the bank or a duty of the bank to the creditor.

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(1) Subject to
subsection (2) of this section, creditor process with respect to a special deposit is
not enforceable against the bank holding the special deposit.

(2) Creditor process is enforceable against the bank holding a special
deposit with respect to an amount the bank is obligated to pay a beneficiary or a
depositor if the process:

(a) Is served on the bank;

(b) Provides sufficient information to permit the bank to identify the
depositor or the beneficiary from the bank's books and records; and

(c) Gives the bank a reasonable opportunity to act on the process.

(3) Creditor process served on a bank before it is enforceable against the
bank under subsection (2) of this section does not create a right of the creditor
against the bank or a duty of the bank to the creditor. Other law determines
whether creditor process creates a lien enforceable against the beneficiary on a
contingent interest of a beneficiary, including a depositor as a beneficiary, even if
not enforceable against the bank.

Colorado § 11-111-109 (When creditor process enforceable against bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.