§ 51A-1-3 Adverse claims against bank deposits, contents of safe deposit box or property in safekeeping.

SD Codified L § 51A-1-3 (2019) (N/A)

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51A-1-3. Adverse claims against bank deposits, contents of safe deposit box or property in safekeeping. Notice to any bank of an adverse claim to a deposit or other item standing on its books to the credit of any person, or to the contents of a safe deposit box or property held in safekeeping, shall not be sufficient to cause said bank to recognize such adverse claim unless:

(1) In the case of a deposit, the adverse claimant shall execute and deliver to such bank, in form and with sureties acceptable to it, a bond indemnifying such bank from any and all liability on account of the recognition by the bank of such adverse claim, or unless such adverse claim is made through acts or proceedings pursuant to law;

(2) In the case of a safe deposit box, such box is leased or the property is held in the name of the lessee under a written instrument designating that the contents constitute property held in a fiduciary capacity, and the adverse claim is supported by a verified statement of facts disclosing that it is made by or on behalf of a beneficiary or other person having an interest therein and that there is good cause to believe that the contents thereof are in danger of misappropriation, unless the bank is directed to do so by a court order.Source: SL 1927, ch 55; SDC 1939, § 6.0416; SDCL, § 51-10-12; SL 1969, ch 11, § 1.2; SDCL, § 51-15-2.

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