RCW 30A.22.220
Adverse claim bond.
Notwithstanding RCW 30A.22.210, a financial institution may, without liability, pay or permit withdrawal of any funds on deposit in an account to a depositor and/or agent of a depositor and/or trust or P.O.D. account beneficiary, and/or other person claiming an interest therein, even when the financial institution has actual knowledge of the existence of the dispute, if the adverse claimant shall execute to the financial institution, in form and with security acceptable to it, a bond in an amount which is double either the amount of the deposit or the adverse claim, whichever is the lesser, indemnifying the financial institution 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 in whose name the deposit stands on the books of the financial institution: PROVIDED, That where the person in whose name the deposit stands is a fiduciary for the adverse claimant, and the facts constituting such relationship, and also the facts showing reasonable cause of belief on the part of the claimant that the fiduciary is about to misappropriate the deposit, are made to appear by the affidavit of the claimant, the financial institution shall, without liability, refuse to deliver the property for a period of not more than five business days from the date that the financial institution receives the adverse claimant's affidavit, without liability for the sufficiency or truth of the facts alleged in the affidavit, after which time the claim shall be treated as any other claim under this section.
[ 2014 c 37 § 199; 1981 c 192 § 22. Formerly RCW 30.22.220.]
Structure Revised Code of Washington
Title 30A - Washington Commercial Bank Act
Chapter 30A.22 - Financial Institution Individual Account Deposit Act.
30A.22.050 - Types of accounts which financial institution may establish.
30A.22.060 - Requirements of contract of deposit.
30A.22.070 - Accounts of minors and incompetents.
30A.22.080 - Accounts of married persons.
30A.22.090 - Ownership of funds during lifetime of depositor.
30A.22.100 - Ownership of funds after death of a depositor.
30A.22.110 - Controversies between owners.
30A.22.120 - Right to rely on form of account—Discharge of financial institutions.
30A.22.130 - Rights as between individuals preserved.
30A.22.140 - Payment of funds to a depositor.
30A.22.150 - Payment to minors and incompetents.
30A.22.160 - Payment to trust and P.O.D. account beneficiaries.
30A.22.170 - Payment to agents of depositors.
30A.22.180 - Payment to personal representatives.
30A.22.190 - Payment to heirs and creditors of a deceased depositor.
30A.22.200 - Payment to foreign personal representative—Release of financial institution.
30A.22.210 - Authority to withhold payment—Vulnerable adults.
30A.22.220 - Adverse claim bond.
30A.22.230 - Authority to charge a customer for furnishing items or copies of items.
30A.22.240 - Records—Disclosure—Requests by law enforcement—Fees.
30A.22.245 - Records—Admission as evidence—Certificate.
30A.22.250 - No duty to request information.
30A.22.260 - Promotional contests of chance—Director's authority.
30A.22.900 - Effective date—1981 c 192.
30A.22.902 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.