Indiana Statutes
§ 28-9-4-1 — Receipt of notice from an adverse claimant who is not a money judgment creditor; hold on deposit account
(a)Upon receipt of the notice required under IC 28-9-3-3(b)(1), a depository financial institution shall place a hold on
the deposit account described in the notice the amount in controversy
that is specified by the notice.
(b)If within three (3) working days after receipt by a depository
financial institution of the notice required under IC 28-9-3-3(b)(1), the
adverse claimant has failed to serve or cause to be served an apparently
valid order directing the depository financial institution to hold or
restrict the funds in a deposit account against which an adverse claim
is asserted, the depository financial institution shall treat the deposit
account as if no notice of an adverse claim had been given.
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Indiana § 28-9-4-1 (Receipt of notice from an adverse claimant who is not a money judgment creditor; hold on deposit account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Hendricks County Bank & Trust Co. v. Guthrie Building Materials, Inc.
663 N.E.2d 1180 (Indiana Court of Appeals, 1996)
Legislative History
As added by P.L.258-1989, SEC.2.
Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrows