§ 606. Adverse claims to deposits and property held in safe deposit
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 606
§ 606. Adverse claims to deposits and property held in safe deposit
(a) An institution shall not be required, in the absence of a court order or indemnity required by this section, to recognize any claim to, or any claim of authority to exercise control over, a deposit account or property held in safe-deposit (whether by the institution or in a safe-deposit box or other receptacle leased to a customer) made by a person or persons other than:
(i) obtain and serve on the institution an appropriate order directed to the institution by a court restraining any action with respect to the account or property until further order of such court or instructing the institution to pay the balance of the account or deliver the property, in whole or part, as provided in the order, or
(ii) deliver to the institution a bond, in form and amount and with sureties satisfactory to the institution, indemnifying the institution against any liability, loss or expense which it might incur because of its recognition of the adverse claim or because of its refusal by reason of such claim to honor any check or other order of, or to deliver any property to, anyone described in clauses (i) and (ii) of subsection (a) of this section.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 606.
7 P.S. § 606, PA ST 7 P.S. § 606
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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