§ 524.813 — Authority to receive property for safekeeping

Iowa § 524.813

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

a. The customer in whose name the property is held by the state bank.
b. An individual or group of individuals who are authorized to have access to the safe
deposit box, or to the property held for safekeeping, pursuant to a certified corporate
resolution or other written arrangement with the customer, currently on file with the state
bank, which has not been revoked by valid corporate action in the case of a corporation,
or by a valid agreement or other valid action appropriate for the form of legal organization
of any other customer, of which the state bank has received notice and which is not the
subject of a dispute known to the state bank as to its original validity. The safe deposit and
safekeeping account records of a state bank shall be presumptive evidence as to the identity
of the customer on whose behalf the money is held.
2. To require a state bank to recognize an adverse claim to, or adverse claim of authority

to control, property held in safe deposit or for safekeeping, whoever makes the claim must
either:
a. Obtain and serve on the state bank an appropriate court order or judicial process
directed to the state bank, restraining any action with respect to the property until further
order of such court or instructing the state bank to deliver the property, in whole or in part,
as provided in the order or process; or
b. Deliver to the state bank a bond, in form and amount and with sureties satisfactory
to the state bank, indemnifying the state bank against any liability, loss or expense which it
might incur because of its recognition of the adverse claim or because of its refusal to deliver
the property to any person described in paragraphs “a” and “b” of subsection 1 of this section.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.811]