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Can you summarize FLCL 655.83?
FINANCIAL INSTITUTIONS GENERALLY > Adverse claim to a deposit or fiduciary account.
Short Summary
This provision, found in the Florida Statutes under the section on Financial Institutions Generally, pertains to adverse claims made to a deposit or fiduciary account held by a financial institution. The provision states that simply notifying the institution of an adverse claim does not require the institution to recognize the claimant. The adverse claimant must either obtain a restraining order, injunction, or other appropriate process from a court of competent jurisdiction, with the person to whose credit the account stands being made a party and served with process, or provide a bond indemnifying the institution from any liability, loss, damage, costs, and expenses if the institution acts on the adverse claim. The institution is required to hold the account pending an agreement between the claimant and the account holder or the receipt of a restraining order, injunction, or other process. This provision was added to the Florida Statutes in 1992.
Whom does it apply to?
Financial institutions
What does it govern?
Adverse claims to a deposit or fiduciary account
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Florida