Delaware § 5109 When creditor process enforceable against bank

Delaware Statutes

§ 5109 — When creditor process enforceable against bank

Delaware·Title 5·Part Miscellaneous Provisions·Ch. 51 Uniform Special Deposits Act

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

(b)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:

(1)Is served on the bank;

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

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

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

Free access — add to your briefcase to read the full text and ask questions with AI

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

(b) 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:

(1) Is served on the bank;

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

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

(c) Creditor process served on a bank before it is enforceable against the bank under subsection (b) 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.

Delaware § 5109 (When creditor process enforceable against bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.