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Can you summarize OHRC Section 1109.10?
State Banks - Powers > Claims adverse to deposits or property.
Short Summary
This provision, found in the Ohio Revised Code under the section governing State Banks - Powers, addresses claims made to deposits, safe deposit boxes, property held in safekeeping, security, obligation, or other property in a bank’s possession or control. The bank is not obligated to recognize such claims unless certain conditions are met. These conditions include obtaining a court order from a court of competent jurisdiction, enjoining or restraining the bank from taking any action or instructing the bank to pay the balance of the account, provide access to the safe deposit box, or deliver the property as specified in the order. Alternatively, a bond can be provided to the bank, indemnifying it against any liabilities, loss, and expenses that may arise due to recognizing the claim or refusing to honor any right with respect to the property based on the claim. The provision does not specify any penalties or exemptions.
Whom does it apply to?
Banks and individuals or groups of individuals making claims to deposits, safe deposit boxes, property held in safekeeping, security, obligation, or other property in the bank's possession or control
What does it govern?
Claims adverse to deposits or property
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Ohio