362.375. Adverse claim to deposit--not effectual, when--contract presented by third party, powers of bank or trust company.
Adverse claim to deposit--not effectual, when--contract presented bythird party, powers of bank or trust company.
362.375. 1. Notice to any bank or trust company doing business inthis state of an adverse claim to a deposit standing on its books to thecredit of any person shall not be effectual to cause the bank or trustcompany to recognize the adverse claimant unless the adverse claimant shallalso either procure a restraining order, injunction or appropriate processagainst the bank or trust company from a court of competent jurisdiction ina cause therein instituted by him wherein the person to whose credit thedeposit stands is made a party and served with summons, or shall execute tothe bank or trust company, in form and with sureties acceptable to it, abond indemnifying the bank or trust company from any and all liability,loss, damage, cost and expenses for and on account of the payment of theadverse claim or the dishonor of the check or other order of the person towhose credit the deposit stands on the books of the bank or trust company;provided, that this law shall not apply in any instance where the person towhose credit the deposit stands is a fiduciary for the adverse claimant,and the facts constituting the relationship, as also the fact showingreasonable cause of belief on the part of the claimant that the fiduciaryis about to misappropriate the deposit, are made to appear by the affidavitof the claimant.
2. Notwithstanding any law to the contrary, a bank or trust companyis authorized to honor, dishonor or place conditions on any contract,agency agreement, or other document presented by a third party, including acustomer of the bank or trust company, unless and until the bank or trustcompany agrees in writing to honor such document or documents pursuant to acontract or agreement. This subsection shall not apply to governmentdocuments, including any lawful court orders, which shall be honored asotherwise may be provided by law. No provision of this subsection shallchange current law on the type, quality and coverage of insurance thecreditor may require the debtors to purchase on the debtor's person orcollateral.
(RSMo 1939 § 7982, A.L. 1967 p. 445, A.L. 1995 S.B. 178)Prior revision: 1929 § 5387