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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

204

:
POWERS OF FINANCIAL INSTITUTIONS






Subchapter

002
:
DEPOSITS IN GENERAL










 

§

14211. Claims not clearly consistent

If any claim not

clearly consistent with the terms of any applicable authority on file with a

financial institution is made to any deposit, safe deposit box, property held

in safekeeping, security, obligation, or other property in the financial

institution's possession or control, in whole or in part, by any person,

including any depositor, individual, or group of individuals, whether or not

authorized to draw on or exercise any right or control with respect to the

property, the financial institution is not required to recognize the claim

without one of the following:

(1) a court

order, issued by a court of competent jurisdiction and served on the financial

institution, enjoining or restraining the financial institution from taking any

action with respect to the property or instructing the financial institution to

pay the balance of the account, provide access to the safe deposit box, or

deliver the property as provided in the order; or

(2) a bond in

the form and amount and with sureties satisfactory to the financial

institution, indemnifying the financial institution against any liabilities,

loss, and expenses it might incur because of its recognition of the claim or

because of its refusal, due to the claim, to honor or recognize any right with

respect to the property. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1,

2001.)