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This entry was published on 2014-09-22
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SECTION 239
Repayment of deposits of minors, trust deposits, joint deposits, and deposits adversely claimed; interpleader in certain actions; statute...
Banking (BNK) CHAPTER 2, ARTICLE 6
§ 239. Repayment of deposits of minors, trust deposits, joint
deposits, and deposits adversely claimed; interpleader in certain
actions; statute of limitations. 1. Any deposit made by or in the name
of any minor shall be held for the exclusive right and benefit of such
minor, and free from the control or lien of all other persons, except
creditors, and shall be paid together with the interest credited
thereon, to the person in whose name the deposit shall have been made,
and the receipt or acquittance of such minor shall be a valid and
sufficient release and discharge to the savings bank for any payment so
made.

5. Notice to any savings bank of an adverse claim to a deposit
standing on its books to the credit of any person shall not be effectual
to cause such savings bank to recognize such adverse claimant unless he
shall also either procure a restraining order, injunction or other
appropriate process against such savings bank from a court of competent
jurisdiction in a cause therein instituted by him wherein the person to
whose credit the deposit stands or his executor or administrator is made
a party and served with summons, or shall execute to such savings bank,
in form and with sureties acceptable to it a bond, indemnifying such
savings bank from any and all liability, loss, damage, costs and
expenses, for and on account of the payment of such adverse claim or the
dishonor of the order of the person to whose credit the deposit stands
on the books of such savings bank; provided, that this section shall not
apply in any instance where the person to whose credit the deposit
stands is a fiduciary for such adverse claimant, and the facts
constituting such relationship, and the facts showing reasonable cause
for belief on the part of such claimant that such fiduciary is about to
misappropriate such deposit, are made to appear by the affidavit of such
claimant.

6. (a) In all actions against any savings bank to recover moneys on
deposit therewith, if there be any person or persons, not parties to the
action, who claim the same fund, the court in which the action is
pending may, on the petition of such savings bank, and upon eight days'
notice to the plaintiff and such claimants, and without proof as to the
merits of the claim, make an order amending the proceedings in the
action by making such claimants parties defendant thereto; and the court
shall thereupon proceed to determine the rights and interests of the
several parties to the action in and to such funds. The remedy provided
in this section shall be in addition to and not exclusive of that
provided in any other interpleader provision.

(b) The funds on deposit which are the subject of such an action may
remain with such savings bank to the credit of the action until final
judgment therein, and be entitled to the same interest as other deposits
of the same class, or, in the case of deposits held pursuant to
subdivision one-a of section two hundred thirty-four of this chapter, to
interest at the rate specified in the deposit contract until maturity
and at the rate at which interest is credited on regular savings
accounts from maturity until final judgment, and shall be paid by such
savings bank in accordance with the final judgment of the courts; or the
deposit in controversy may be paid into court to await the final
determination of the action, and when the deposit is so paid into court
such savings bank shall be struck out as a party to the action, and its
liability for such deposit shall cease.

(c) The costs in all actions against a savings bank to recover
deposits shall be in the discretion of the court, and may be charged
upon the fund affected by the action.