§ 28-9-3-2 — Honoring order or instructions of depositor; liability

Indiana § 28-9-3-2

• Jurisdiction: Indiana
• Art. 9: DEPOSITORY FINANCIAL INSTITUTIONS
• Ch. 3: Notice of Adverse Claims

Text

Except as provided in sections 3 and 4 of this
chapter, and notwithstanding IC 34-25-3-3 or any other rule or doctrine
of law that:
(1) would cause a depository financial institution to be
accountable to an adverse claimant for any portion of any deposit
account; or
(2) would create or impose in favor of an adverse claimant a lien,
charge, encumbrance, or other right with respect to a deposit
account;
a depository financial institution may, without being liable in damages
to any person, honor the order or instructions of a depositor or an agent
of a depositor who is authorized under records maintained by the
depository financial institution to control the depositor's deposit
account.

Legislative History

As added by P.L.258-1989, SEC.2. Amended by P.L.1-1998, SEC.156.