§14207. Provisions when title to deposit is litigated

Link to law: http://legislature.vermont.gov/statutes/section/08/204/14207
Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

The Vermont Statutes Online



Banking and Insurance








14207. Provisions when title to deposit is litigated

(a) Multiple

claims. In actions against a financial institution by one spouse to recover for

moneys deposited by the other spouse in the latter's own name, the depositing

spouse may be a witness. In actions against such financial institution to

recover for money on deposit, if there is a person, whether married or not,

claiming the same fund, who is not a party to the action, the Court, on the

petition of such financial institution and on such notice as it considers

proper to the plaintiff and such claimant, may order the proceedings to be

amended by making such claimant a party defendant. The Court shall thereupon

hear and determine the rights and interests of the parties to such action in

and to such fund.

(b) Litigated

deposits; payment into Court; costs. The deposits which are the subject of such

action may remain with such financial institution upon the same interest as

other deposits of like amount, until final judgment therein, and the same shall

be paid by such financial institution in accordance with the order of the

Court; or the deposits may be paid into Court to await the final determination

of the action. When so paid into Court, the financial institution shall no

longer be a party to such action, and its liability for such deposit shall

cease. The costs in such action shall be in the discretion of the Court and may

be charged upon the fund affected thereby. (Added 1999, No. 153 (Adj. Sess.), §

2, eff. Jan. 1, 2001.)