§ 629. Payment of dividends to minors, trustees or joint depositors;\npayment of dividends where adverse claim is asserted; interpleader in\ncertain actions.
1.Where a claim or an account payable in the name of\nany minor has been accepted by the superintendent, dividends thereon\nshall be paid to such minor and the receipt or acquittance of such minor\nshall be a valid and sufficient release and discharge to the\nsuperintendent.\n 5. Notice to the superintendent of an adverse interest in a claim or\naccount payable accepted by the superintendent to the credit of any\nperson shall not be effectual to cause the superintendent to recognize\nsaid adverse claimant unless said adverse claimant shall also either\nprocure a restraining order, injunction or other appropriate process\nagainst
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§ 629. Payment of dividends to minors, trustees or joint depositors;\npayment of dividends where adverse claim is asserted; interpleader in\ncertain actions. 1. Where a claim or an account payable in the name of\nany minor has been accepted by the superintendent, dividends thereon\nshall be paid to such minor and the receipt or acquittance of such minor\nshall be a valid and sufficient release and discharge to the\nsuperintendent.\n 5. Notice to the superintendent of an adverse interest in a claim or\naccount payable accepted by the superintendent to the credit of any\nperson shall not be effectual to cause the superintendent to recognize\nsaid adverse claimant unless said adverse claimant shall also either\nprocure a restraining order, injunction or other appropriate process\nagainst said superintendent from a court of competent jurisdiction in a\ncause therein instituted by him wherein the person to whose credit said\nclaim or account payable was accepted or his executor or administrator\nis made a party and served with summons, or shall execute to said\nsuperintendent, in form and with sureties acceptable to him, a bond,\nindemnifying the superintendent from any and all liability, loss,\ndamage, costs and expenses, for and on account of the payment of\ndividends to such adverse claimant.\n 6. (a) In all actions or proceedings against the superintendent to\nrecover dividends on claims or accounts payable accepted, if there be\nany person or persons, not parties to the action, who claim the fund,\nthe court in which the action or proceeding is pending, may, on the\nmotion of the superintendent, make an order amending the proceedings\nmaking such claimants parties thereto; and the court shall thereafter\nproceed to determine the rights and interests of the several parties to\nsuch funds. The remedy provided in this section shall be in addition to\nand not exclusive of that provided in any other interpleader provision.\n (b) The dividends which are the subject of such an action may remain\nwith the superintendent to the credit of the action until final judgment\ntherein and shall not be entitled to interest, and shall be paid by the\nsuperintendent in accordance with the final judgment of the court; or\nthe dividends in controversy may be paid into court to await the final\ndetermination of the action and when the dividend or dividends are so\npaid into court the superintendent shall be stricken out as a party to\nthe action and his liability shall cease.\n (c) The costs in all actions against the superintendent to recover\ndividends shall be in the discretion of the court, and may be charged\nupon the fund affected by the action.\n 7. In case the superintendent is in doubt concerning the person\nentitled to receive payment of any dividend, or there are conflicting\nclaims thereto, he may require of the claimant an order of the supreme\ncourt authorizing and directing the payment thereof, but for any payment\nmade by him in good faith, by check or order, payable to the claimant\nappearing from the records in his office to be entitled thereto, he\nshall be held harmless and shall not be liable to any subsequent\nclaimant.\n