§ 524.811

524.811 Adverse claims to property in safe deposit and safekeeping. 1. A state bank shall not be required, in the absence of a court order or indemnity required by this section, to recognize any claim to, or claim of authority to exercise controlover, property held in safe deposit or property held for safekeeping pursuant to section524.813 made by a person or persons other than: a. The customer in whose name the property is held by the state bank.b. An individual or group of individuals who are authorized to have access to the safe deposit box, or to the property held for safekeeping, pursuant to a certified corporateresolution or other written arrangement with the customer, currently on file with the statebank, which has not been revoked by valid corporate action in the case of a corporation,or by a valid agreement or other valid action appropriate for the form of legal organizationof any other customer, of which the state bank has received notice and which is not thesubject of a dispute known to the state bank as to its original validity. The safe deposit andsafekeeping account records of a state bank shall be presumptive evidence as to the identityof the customer on whose

a dispute known to the state bank as to its original validity. The safe deposit andsafekeeping account records of a state bank shall be presumptive evidence as to the identityof the customer on whose behalf the money is held. 2. To require a state bank to recognize an adverse claim to, or adverse claim of authority to control, property held in safe deposit or for safekeeping, whoever makes the claim musteither: a. Obtain and serve on the state bank an appropriate court order or judicial process directed to the state bank, restraining any action with respect to the property until furtherorder of such court or instructing the state bank to deliver the property, in whole or in part,as provided in the order or process; or b. Deliver to the state bank a bond, in form and amount and with sureties satisfactory to the state bank, indemnifying the state bank against any liability, loss or expense which itmight incur because of its recognition of the adverse claim or because of its refusal to deliverthe property to any person described in paragraphs 'a' and 'b' of subsection 1 of this section. [C71, 73, 75, 77, 79, 81, §524.811]Referred to in §524.108 Sat Dec 23 01:17:07 2023 Iowa Code

to deliverthe property to any person described in paragraphs 'a' and 'b' of subsection 1 of this section. [C71, 73, 75, 77, 79, 81, §524.811]Referred to in §524.108 Sat Dec 23 01:17:07 2023 Iowa Code 2024, Section 524.811 (22, 0)