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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
204
:
POWERS OF FINANCIAL INSTITUTIONS
Subchapter
002
:
DEPOSITS IN GENERAL
§
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.)