6.2-602 - (Effective October 1, 2010) Adverse claims to accounts. - Virginia Statutes

§ 6.2-602. (Effective October 1, 2010) Adverse claims to accounts.

A. Notice to any financial institution doing business in the Commonwealth ofan adverse claim to funds in an account with such institution shall notrequire the institution to recognize the adverse claim unless the adverseclaimant shall either:

1. Procure a restraining order, injunction, or other appropriate orderagainst the financial institution from an appropriate court; or

2. Execute to such financial institution, in form and with suretiesacceptable to it, a bond indemnifying the institution from any and allliability, loss, damage, costs, and expenses, for and on account of thepayment or recognition of such adverse claim, or the dishonor of, or failureto pay, any check, or failure to comply with any other order, of the personto whose credit the account is held.

B. This section shall not affect the provisions of Article 2 (§ 6.2-604 etseq.) of this chapter governing multiple-party accounts, and any claim by aparty to such account shall be determined in accordance with the provisionstherein.

C. This section shall not affect any notice of lien pursuant to § 8.01-502,any order of an appropriate court, or the issuance of a notice or otheraction issued by a state or federal governmental agency.

(1996, c. 963, § 6.1-2.9:7; 2010, c. 794.)