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Current as of January 01, 2024 | Updated by Findlaw Staff
1. Subject to subsection 2, creditor process with respect to a special deposit is not enforceable against the bank or credit union holding the special deposit.
2. Creditor process is enforceable against the bank or credit union holding a special deposit with respect to an amount the bank or credit union is obligated to pay a beneficiary or a depositor if the process:
a. Is served on the bank or credit union;
b. Provides sufficient information to allow the bank or credit union to identify the depositor or the beneficiary from the bank's or credit union's books and records; and
c. Gives the bank or credit union a reasonable opportunity to act on the process.
3. Creditor process served on a bank or credit union before it is enforceable against the bank or credit union under subsection 2 does not create a right of the creditor against the bank or credit union or a duty of the bank or credit union to the creditor. Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the bank or credit union.
Cite this article: FindLaw.com - North Dakota Century Code Title 6. Banks and Banking § 6-08.6-08. When creditor process is enforceable against bank or credit union - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-6-banks-and-banking/nd-cent-code-sect-6-08-6-08/
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 before relying on it for your legal needs.
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