Duty of depository financial institution upon notice of adverse claim
Applied in 1 court decision — leading case AMERICAN SAVINGS, FSB v. Tokarski (2011)
Most recently applied in AMERICAN SAVINGS, FSB v. Tokarski (December 2011)
As added by P.L.258-1989, SEC.2.
Sec. 1. Except upon the conditions specified in sections 3 and 4 of this chapter, notice to a depository financial institution of an adverse claim does not require the depository financial institution to:
(1) recognize the adverse claim in any manner; or
(2) place a hold on, or otherwise restrict withdrawal of funds from, a deposit account.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.