(a) Except as provided in subsections (b) and (c) of this Code section, a bank or
trust company shall not be required to deny control over or access to a deposit account
or property held in safe deposit (whether by the bank or trust company or in a safe-deposit
box or other receptacle leased to a customer) to:
(1) The customer in whose name the account or property is held by the bank or trust
company (including one of two depositors or lessees entitled to such control or access
by virtue of their contract with the bank or trust company); or
(2) A person or group of persons who is authorized to draw on or control the account
or property pursuant to a certified corporate resolution or other written arrangement
with the customer currently on file with the bank or trust company.
(b) A bank shall be entitled to act and rely upon:
(1) A court order, distraint, levy, garnishment, or other effective legal process;
(2) An agreement of the parties concerning an adverse claim; or
(3) A claim of the type described in subsection (a) of this Code section accompanied
by a bond or other indemnity adequate to protect the bank or trust company from loss
as a consequence of recognizing an adverse claim.
(c) Nothing in this Code section shall impair the effect of a discharge which a bank
or trust company would be entitled to under Code Section 11-3-602.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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