Indiana § 28-9-3-3 Adverse claim by one who is not a money judgment creditor of a
depositor; accountability of depository financial institution; actions
required of adverse claimant

Indiana Statutes

§ 28-9-3-3 — Adverse claim by one who is not a money judgment creditor of a depositor; accountability of depository financial institution; actions required of adverse claimant

Indiana·Art. 9 DEPOSITORY FINANCIAL INSTITUTIONS·Ch. 3 Notice of Adverse Claims

(a)This section applies to an adverse claimant who is not a money judgment creditor of a depositor.

(b)A depository financial institution may not be held accountable to an adverse claimant for funds in a deposit account that are claimed by the adverse claimant unless the adverse claimant:

(1)serves on the depository financial institution written verified notice of the adverse claim stating in detail:

(A)the nature of the adverse claim, including the facts from which the adverse claim arose;

(B)that an action has been instituted in a court having jurisdiction in Indiana, or will be instituted within three (3) working days after receipt by the depository financial institution of the notice; and

(C)that the action instituted will include all persons known by the adverse claimant to have

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(a) This section applies to an adverse claimant
who is not a money judgment creditor of a depositor.
(b) A depository financial institution may not be held accountable
to an adverse claimant for funds in a deposit account that are claimed
by the adverse claimant unless the adverse claimant:
(1) serves on the depository financial institution written verified
notice of the adverse claim stating in detail:
(A) the nature of the adverse claim, including the facts from
which the adverse claim arose;
(B) that an action has been instituted in a court having
jurisdiction in Indiana, or will be instituted within three (3)
working days after receipt by the depository financial institution
of the notice; and
(C) that the action instituted will include all persons known by
the adverse claimant to have a claim against or an interest in the
deposit account;
(2) serves on the depository financial institution notice of an
adverse claim with a restraining order, an injunction, or another
legal process that:
(A) directs the depository financial institution to place a hold on
or otherwise restrict withdrawals from a deposit account;
(B) is issued or appears to be issued by a court having
jurisdiction as a result of an action in which the depositor, the
depository financial institution, and all persons who are known
to the depository financial institution as having an interest in
the deposit account are parties; and
(C) is accompanied by a court order providing for the recovery
and collection by the depository financial institution of all costs
and expenses, including attorney's fees, that have been or may
be incurred by the depository financial institution as a result of
the action; or
(3) furnishes to the depository financial institution, in form and
with sureties acceptable to the depository financial institution, a
bond indemnifying the depository financial institution from
payment of damages, costs and expenses, and attorney's fees
incurred by the depository financial institution as a result of the:
(A) payment by the depository financial institution of the
adverse claim;
(B) dishonor by the depository financial institution of any
instructions from, or orders by, a depositor; or
(C) dishonor by the depository financial institution of other
duties imposed upon the depository financial institution by
contract or law.

Indiana § 28-9-3-3 (Adverse claim by one who is not a money judgment creditor of a depositor; accountability of depository financial institution; actions required of adverse claimant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.