Notice to a bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be sufficient to require the bank to pay the deposit to the adverse claimant or otherwise recognize the adverse claim unless the adverse claimant also:
(1) Procures a restraining order, injunction, or other appropriate process, which has become final and not further appealable, against the bank from a court of competent jurisdiction in a cause therein instituted by him or her wherein the person to whose credit the deposit stands is made a party and served with summons; or
(2) Executes to the bank, in form and with sureties acceptable to it, a bond indemnifying the bank from any and all liability, loss, damage, costs, and expenses for and on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of the bank.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 47 - Bank Powers — Subsidiaries
§ 23-47-201. Notice of rules governing deposits
§ 23-47-202. Deposits by minors
§ 23-47-203. Securing of deposits
§ 23-47-204. Deposit accounts — Definitions
§ 23-47-205. Adverse claim to deposit
§ 23-47-206. Settlement of checks at par — Exception
§ 23-47-207. Payment of overdrafts — Liability of officer or employee