8-3209. When creditor process enforceable against financial institution.

176 words·~1 min read·/ne/chapter-8/8-3209

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Subject to subsection (b), creditor process with respect to a special deposit is not enforceable against the financial institution holding the special deposit.

(b)Creditor process is enforceable against the financial institution holding a special deposit with respect to an amount the financial institution is obligated to pay a beneficiary or a depositor if the process:

(1)is served on the financial institution;

(2)provides sufficient information to permit the financial institution to identify the depositor or the beneficiary from the financial institution's books and records; and

(3)gives the financial institution a reasonable opportunity to act on the process.

(c)Creditor process served on a financial institution before it is enforceable against the financial institution under subsection

(b)does not create a right of the creditor against the financial institution or a duty of the financial institution to the creditor. Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the financial institution.