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California Financial Code
Financial Code section 1450
1450
Notice to any bank of an adverse claim (the person making the adverse
claim being hereafter called “adverse claimant”) to a deposit
standing on its books to the credit of or to personal property held for
the account of any person shall be disregarded, and the bank, notwithstanding
the notice, shall honor the checks, notes, or other instruments requiring
payment of money by or for the account of the person to whose credit the
account stands and on demand shall deliver that property to, or on the
order of, the person for whose account the property is held, without any
liability on the part of the bank; subject, however, to the exceptions
provided in subdivisions (a) and (b):
(a) If an adverse claimant delivers to the bank at the office at which the deposit is carried or at which the property is held an affidavit of the adverse claimant stating that of the adverse claimant's own knowledge the person to whose credit the deposit stands or for whose account the property is held is a fiduciary for the adverse claimant and that the adverse claimant has reason to believe the fiduciary is about to misappropriate the deposit or the property, and stating the facts on which the claim of fiduciary relationship and the belief are founded, the bank shall refuse payment of the deposit and shall refuse to deliver the property for a period of not more than three court days (including the day of delivery) from the date that the bank received the adverse claimant's affidavit, without liability on its part and without liability for the sufficiency or truth of the facts alleged in the affidavit.
(b) If at any time, either before, after, or in the absence of the filing of an affidavit by the adverse claimant, the adverse claimant procures and serves upon the bank at the office at which the deposit is carried or at which the property is held a restraining order, injunction, or other appropriate order against the bank from a court of competent jurisdiction in an action in which the adverse claimant and all persons in whose names the deposit stands or for whose account the property is held are parties, the bank shall comply with the order or injunction, without liability on its part.
(c) This section shall be applicable even though the name of the person appearing on the bank's books to whose credit the deposit stands or for whose account the property is held is modified by a qualifying or descriptive term such as “agent,” “trustee,” or other word or phrase indicating that the person may not be the owner in his or her own right of the deposit or property.
(d) Nothing in the California Multiple-Party Accounts Law contained in Part 2 (commencing with Section 5100 ) of Division 5 of the Probate Code limits the applicability of this section.
(e) For purposes of this section, the term “office at which the deposit is carried” shall mean the branch, office, or other location where the account containing the subject deposit is carried or maintained.
(f) Notwithstanding subdivisions (a) and (b), if a central location has been designated by the bank pursuant Section 684.115 of the Code of Civil Procedure for service of legal process, as that term is defined in Section 684.110 of the Code of Civil Procedure, the adverse claimant shall serve a notice of adverse claim or related affidavit, order, injunction, or other order contemplated herein at the central location. If a central location has not but should have been designated by the bank pursuant Section 684.115 of the Code of Civil Procedure for service of legal process, as that term is defined in Section 684.110 of the Code of Civil Procedure, the adverse claimant may serve a notice of adverse claim or related affidavit, order, injunction, or other order contemplated herein at any branch or office of the institution located in this state.
This book, written By Paul A. Eads, helps readers know how to prepare before they initiate a legal endeavor and helps make the legal terms of family law issues easier to understand.
Client Testimonials
See What Others Are Saying
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"Mr. Eads, you are a true master in your field and I will always be available should any of your prospective clients want to contact me as a reference."Mr. Eads, you are a true master in your field.- Peter K.
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"Mr. Eads worked hard for me and I am confident he will do the same for you."My ex boyfriend was very abusive. His attorney seemed to be very aggressive and was always filing Ex Parte (emergency) hearings for me to appear in court. Due to a cost issue, I attempted to handle matters myself but it seemed that I could not get my point accrues to the judge who seemed to be familiar with my ex boyfriend’s attorney. I found Mr. Eads in the phonebook and I thought I would give him a call. Mr. Eads was able to get the restraining order I was seeking and my ex boyfriend ended up paying Mr. Eads’ attorney fees. I can now feel rest-assured that my daughter and I will be safe. I also happy that I do not have to deal with my ex’s attorney anymore. Mr. Eads worked hard for me and I am confident he will do the same for you.- K.Y.
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"He was very sympathetic to my cause and was very reassuring when I needed his assistance."I was very pleased with the outcome of my case.- Albert N.
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"I was barely able to make ends meet. Mr. Eads worked out a payment plan with me and reduced my arrears."I will be able to pay it off quicker and with more money left over with the payment Mr. Eads was able to negotiate for me.- John H.
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"The outcome was much more than I ever expected to receive."My previous attorney failed to show up for my court date and as a result, the matter was set for trial without any input from my side. I desperately sought out an attorney but most of them wanted a huge retainer up front. I found Mr. Eads and when I went in for a consultation, I found that his retainer was more than reasonable. I also liked the fact that he practices exclusively family law and seems very familiar with the local judicial officers. I felt very comfortable with Mr. Eads in my corner going into my trial and I found that the outcome was much more than I ever expected to receive. Mr. Eads was very thorough in my case evaluation and helped me get everything I was entitled to.- J.L.
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"Mr. Eads when to bat for me and in my opinion, hit a home run."I decided to hire Mr. Eads based on his experience and the fact that his practice is limited to Family Law.- Veronica S.
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"Mr. Eads was able to help structure a settlement that allowed me to keep my business while sharing the business debts with my ex."I am a business owner and when I got divorced, I was terrified that I would lose my business. My business was also heavily leveraged against and I did not have enough capitol to sustain the business and pay my wife spousal support. My ex had an attorney who was very intimidating and kept pressuring me to liquidate the business so that I could pay his attorney’s fees. I was referred to Mr. Eads by a friend. Mr. Eads was able to help structure a settlement that allowed me to keep my business while sharing the business debts with my ex. I was also able to shorten my spousal support obligation. I really appreciate Mr. Eads professionalism and guidance during these difficult times.- J.A.
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"Not only did Mr. Eads get my daughter returned to me, I was able to have full physical custody."I am honored to write this review for Mr. Eads after he helped reunify me with my daughter after my ex abducted her and moved to Arizona. I was devastated when I came home from work to find my ex had left with all our daughter’s belongings. I called the police who told me I needed to hire an attorney. I came across Mr. Eads’ website and I was impressed with his bio. I contacted him immediately and within days, we were in court requesting that my the DA Abduction unit assist me in the return of my daughter. Not only did Mr. Eads get my daughter returned to me, I was able to have full physical custody and my ex has summer and holiday visitation. Mr. Eads is truly my hero. Thanks Mr. Eads!- Paul W.