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Section 708A.435 - Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit.

OR Rev Stat § 708A.435 (2019) (N/A)
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(a) Procures a restraining order, injunction or other appropriate process against the insured institution in an action wherein the person to whose credit the deposit stands is made a party and served with summons; or

(b) Delivers to the insured institution in a form, and with sureties acceptable to the insured institution, a bond or an irrevocable letter of credit that another insured institution has issued to indemnify the insured institution from any liability, damage and expenses that may arise from paying the adverse claim or dishonoring the check or other order of the person to whose credit the deposit stands.

(2) This section does not apply if the person in whose name the account is carried is a fiduciary for the adverse claimant, and the affidavit of the adverse claimant states the facts constituting the fiduciary relationship and the facts showing reasonable cause for the claimant’s belief that the fiduciary is about to misappropriate the deposit.

(3) An insured institution may, at the insured institution’s option, interplead a deposit that is subject to an adverse claim. [1997 c.631 §168; 2015 c.244 §50]

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