2006 Code of Virginia § 6.1-2.9:7 - Adverse claims to accounts

6.1-2.9:7. Adverse claims to accounts.

A. Notice to any financial institution doing business in Virginia of anadverse claim to funds in an account with such institution shall not requirethe institution to recognize the adverse claim unless the adverse claimantshall either:

1. Procure a restraining order, injunction, or other appropriate orderagainst the financial institution from a court of competent jurisdiction, orunless the institution is served with a notice of lien pursuant to 8.01-502; or

2. Execute to such financial institution, in form and with suretiesacceptable to it, a bond indemnifying the institution from any and allliability, loss, damage, costs, and expenses, for and on account of thepayment or recognition of such adverse claim, or the dishonor of, or failureto pay, any check, or failure to comply with any other order, of the personto whose credit the account is held.

B. This section shall not affect the provisions of Chapter 2.1 ( 6.1-125.1et seq.) of this title governing multi-party accounts, and any claim by aparty to such account shall be determined in accordance with the provisionstherein.

C. This section shall not affect notices of lien issued pursuant to Title58.1.

(1996, c. 963.)