§ 14207 - Provisions when title to deposit is litigated - Vermont Statutes

§ 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.)