Section 17:9A-223 - Adverse claim to deposits

NJ Rev Stat § 17:9A-223 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

17:9A-223. Adverse claim to deposits

Notice to any banking institution of an adverse claim to a deposit to the credit of any person shall not be effectual to cause the banking institution to recognize the adverse claimant unless the adverse claimant shall either procure a restraining order, injunction or other appropriate process against the banking institution from a court of competent jurisdiction in a cause wherein the person to whose credit the deposit stands is a complainant or is a defendant who has been served with process, or shall execute and deliver to the banking institution, in form and with surety acceptable to it, a bond indemnifying the banking institution against any liability, loss, damage, costs and expenses on account of the payment of the adverse claim or the dishonor of checks, notes or other instruments requiring payment of money by or for the account of the person to whose credit the deposit stands on the books of the banking institution. This section shall not apply when the person to whose credit the deposit stands is a fiduciary for the adverse claimant, and the facts showing such relationship and reasonable cause for belief that the fiduciary is about to misappropriate the deposit are made to appear by affidavit of the claimant.

L.1948, c. 67, p. 354, s. 223.

Previous Section

Section 17:9A-222 - Deposits of interstate bodies

Next Section

Section 17:9A-224 - Postponement of deposit payments by commissioner