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Financial Institutions > DEPOSITORY FINANCIAL INSTITUTIONS ADVERSE CLAIMS ACT
Short Summary
The provided legal document content is the Indiana Code section on the Depository Financial Institutions Adverse Claims Act. This Act governs the rights and interests of depositors and adverse claimants in deposit accounts held with depository financial institutions. The Act defines various terms such as ‘adverse claim,’ ‘adverse claimant,’ ‘depositor,’ ‘deposit account,’ ‘depository financial institution,’ ‘person,’ and ‘working day.’ An adverse claim includes claims that are adverse to the rights or interests of any depositor, claims made in the name of a person other than the depositor, claims of authority by a corporate officer or agent that conflict with another person’s claim of authority, and claims of money judgment creditors against depositors. An adverse claimant refers to a person asserting an adverse claim. A depositor is a person who has an interest in a deposit account according to the records maintained by the depository financial institution. A deposit account refers to various types of accounts, including share, share draft, share certificate, draft, certificate of deposit, savings, passbook, checking, money market, transaction, time deposit, savings deposit, and similar accounts. A depository financial institution includes commercial banks, trust companies, credit unions, savings banks, savings associations, banks of discount and deposit, industrial loan and investment companies, and similar financial institutions with a presence in Indiana. The Act also defines ‘person’ as per IC 3-5-2-36 and ‘working day’ as the part of any day when a depository financial institution is open to the public for carrying out its functions. The document does not mention any specific exemptions or penalties related to the Act.
Whom does it apply to?
This Act applies to depositors and adverse claimants in deposit accounts held with depository financial institutions in Indiana.
What does it govern?
The Depository Financial Institutions Adverse Claims Act governs the rights and interests of depositors and adverse claimants in deposit accounts held with depository financial institutions.
What are exemptions?
No specific exemptions are mentioned in this Act.
What are the Penalties?
No specific penalties are mentioned in this Act.
Jurisdiction
Indiana