17:9A-223 - Adverse claim to deposits - New Jersey Statutes

17:9A-223.  Adverse claim to deposits
    Notice to any banking institution of an adverse claim to a deposit to the credit of any person shall not be effectual to cause the banking institution to  recognize the adverse claimant unless the adverse claimant shall either procure  a restraining order, injunction or other appropriate process against the  banking institution from a court of competent jurisdiction in a cause wherein  the person to whose credit the deposit stands is a complainant or is a  defendant who has been served with process, or shall execute and deliver to the  banking institution, in form and with surety acceptable to it, a bond indemnifying the banking institution against any liability, loss, damage, costs  and expenses on account of the payment of the adverse claim or the dishonor of  checks, notes or other instruments requiring payment of money by or for the  account of the person to whose credit the deposit stands on the books of the  banking institution. This section shall not apply when the person to whose  credit the deposit stands is a fiduciary for the adverse claimant, and the  facts showing such relationship and reasonable cause for belief that the  fiduciary is about to misappropriate the deposit are made to appear by  affidavit of the claimant.

     L.1948, c. 67, p. 354, s. 223.