§ 533.319 — Adverse claims to property in safe deposit and safekeeping

Iowa § 533.319

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

1. A state credit union shall not be required, in the absence of a court order or indemnity
required by this section, to recognize any claim to, or claim of authority to exercise control
over, property held in safe deposit or property held for safekeeping pursuant to section
533.321 made by a person or persons other than the following:
a. The member in whose name the property is held by the state credit union.
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 member, currently on file with the
state credit union, which has not been revoked by valid corporate action in the case of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 member, of which the state credit union has received notice
and which is not the subject of a dispute known to the state credit union as to its original
validity. The safe deposit and safekeeping account records of a state credit union shall be
presumptive evidence as to the identity of the member on whose behalf the property is held.
2. A person making an adverse claim to, or an adverse claim of authority to control,
property held in a safe deposit box or for safekeeping, must do either of the following:
a. Obtainandserveonthestatecreditunionanappropriatecourtorderorjudicialprocess
directed to the state credit union, restraining any action with respect to the property until
further order of the court or instructing the state credit union to deliver the property, in whole
or in part, as indicated in the order or process.
b. Deliver to the state credit union a bond, in form and amount with sureties satisfactory
to the state credit union, indemnifying the state credit union against any liability, loss, or
expense which the state credit union might incur because of its refusal to deliver the property
to any person described in subsection 1, paragraph “a” or “b”.