Notice to any association doing business in this state of an adverse claim to an account on its books in the name of any savings account holder shall not be effectual to cause the association to recognize such adverse claimant unless such adverse claimant either procures a restraining order, injunction or other appropriate process against the association from a court of competent jurisdiction in a cause therein instituted by him wherein the savings account holder in whose name the account appears is made a party and served with summons, or shall execute to the association, in form and with sureties acceptable to it, a bond indemnifying it from any and all liability, loss, damage, costs and expenses for and on the account of the payment of such adverse claim.
Miss. Code Ann. § 81-12-127
Savings accounts; adverse claims to accounts
Known as the Savings Association Law
The act spans §§ 81–81 (121 sections).
Applied in 1 court decision — leading case 498 So. 2d 324 - Carter v. State Mut. Federal Sav. & Loan (1986)
Most recently applied in 498 So. 2d 324 - Carter v. State Mut. Federal Sav. & Loan (November 1986)
Laws, 1977, ch. 445, § 32(6); reenacted, Laws, 1982, ch. 301, § 64; Laws, 1990 Ex Sess, ch. 52, § 65; Laws, 1993, ch. 441, § 65; Laws, 1994, ch. 622, § 97; reenacted without cha…
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.