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IC 28-9-5
Chapter 5. Immunity; Indemnification; Interpleader
IC 28-9-5-1
Holds on or restrictions of withdrawals from deposit accounts;
failure to send copy of order or notice or written notification to
depositor; immunity
Sec. 1. (a) A depository financial institution that, in good faith,
places a hold on, or otherwise restricts withdrawals from, a deposit
account under IC 28-9-4-1(a), under IC 28-9-4-2(a), or in response
to the process prescribed in IC 28-9-3-3(b)(2) is immune from civil
liability to any person, including any depositor, by reason of the
failure of the depository financial institution to treat the deposit
account in accordance with an agreement made between the
depository financial institution and a depositor.
(b) A depository financial institution that, in good faith, places a
hold on a deposit account under IC 28-9-4-2(a) is immune from civil
liability to any depositor for the failure of the depository financial
institution to send the copy of the order or notice or the written
notification required under IC 28-9-4-2(a)(2) or for the failure to
send the written notification required under IC 28-9-4-2(a)(3) if the
failure was not intentional and was the result of a bona fide error
notwithstanding the maintenance of procedures reasonably adapted
to avoid such an error.
As added by P.L.258-1989, SEC.2.
IC 28-9-5-2
Indemnification of depository financial institution by adverse
claimant
Sec. 2. If a depository financial institution:
(1) has responded in good faith to an adverse claimant under
this article; and
(2) is held liable to a depositor or another person by reason of
the failure of the depository financial institution to treat a
deposit account in accordance with an agreement made between
the depository financial institution and a depositor;
the depository financial institution is entitled to indemnification from
the adverse claimant for the full amount of damages incurred by the
depository financial institution, including attorney's fees.
As added by P.L.258-1989, SEC.2.
IC 28-9-5-3
Interpleader
Sec. 3. This article does not prevent a depository financial
institution from interpleading and paying the funds that are the
subject of an adverse claim into a court. If a depository financial
institution pays the funds to the court, the depository financial
institution is entitled to recover and collect the costs and expenses,
including attorney's fees, incurred by the depository financial
institution in the interpleader action.
As added by P.L.258-1989, SEC.2.
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