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1996 SESSION

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HB 361 Financial institutions; adverse claims to accounts.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY:

Financial institutions; adverse claims to accounts. Requires a financial institution doing business in Virginia to recognize an adverse claim to funds in an account with the institution only if the adverse claimant either (i) procures a restraining order, injunction or other appropriate order against the institution or unless the institution is served with a notice of lien (pursuant to 8.01-502) or (ii) executes to the institution a bond indemnifying the institution from any and all liability, loss, etc., on account of the payment, recognition or other treatment of the adverse claim. The bill further provides that its provisions do not affect the statutes governing multiple-party accounts (pursuant to 6.1-125.1 et seq.) or notices of lien issued pursuant to Title 58.1 (Taxation).


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