§ 533.319

533.319 Adverse claims to property in safe deposit and safekeeping. 1. A state credit union 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 section533.321 made by a person or persons other than the following: a. The member in whose name the property is held by the state credit union.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or other written arrangement with the member, currently on file with thestate credit union, which has not been revoked by valid corporate action in the case ofa corporation, or by a valid agreement or other valid action appropriate for the form oflegal organization of any other member, of which the state credit union has received noticeand which is not the subject of a dispute known to the state credit union as to its originalvalidity.

form oflegal organization of any other member, of which the state credit union has received noticeand which is not the subject of a dispute known to the state credit union as to its originalvalidity. The safe deposit and safekeeping account records of a state credit union shall bepresumptive evidence as to the identity of the member on whose behalf the property is held. 2. A person making an adverse claim to, or an adverse claim of authority to control, property held in a safe deposit box or for safekeeping, must do either of the following: a. Obtain and serve on the state credit union an appropriate court order or judicial process directed to the state credit union, restraining any action with respect to the property untilfurther order of the court or instructing the state credit union to deliver the property, in wholeor in part, as indicated in the order or process. b. Deliver to the state credit union a bond, in form and amount with sureties satisfactory to the state credit union, indemnifying the state credit union against any liability, loss, orexpense which the state credit union might incur because of its refusal to deliver the propertyto any person described in subsection

indemnifying the state credit union against any liability, loss, orexpense which the state credit union might incur because of its refusal to deliver the propertyto any person described in subsection 1, paragraph 'a' or 'b'. 2007 Acts, ch 174, §50 Sat Dec 23 01:33:23 2023 Iowa Code 2024, Section 533.319 (18, 0)