Vermont Statutes Title 8 Sec. 14211
Terms Used In Vermont Statutes Title 8 Sec. 14211
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 14211. Claims not clearly consistent
If any claim not clearly consistent with the terms of any applicable authority on file with a financial institution is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the financial institution’s possession or control, in whole or in part, by any person, including any depositor, individual, or group of individuals, whether or not authorized to draw on or exercise any right or control with respect to the property, the financial institution is not required to recognize the claim without one of the following:
(1) a court order, issued by a court of competent jurisdiction and served on the financial institution, enjoining or restraining the financial institution from taking any action with respect to the property or instructing the financial institution to pay the balance of the account, provide access to the safe deposit box, or deliver the property as provided in the order; or
(2) a bond in the form and amount and with sureties satisfactory to the financial institution, indemnifying the financial institution against any liabilities, loss, and expenses it might incur because of its recognition of the claim or because of its refusal, due to the claim, to honor or recognize any right with respect to the property. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)