HB 361 Financial institutions; adverse claims to accounts.
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Financial institutions; adverse claims to accounts. Requires a financial institution doing business in Virginia to recognize an adverse claim to funds in an account with the institution only if the adverse claimant either (i) procures a restraining order, injunction or other appropriate order against the institution or unless the institution is served with a notice of lien (pursuant to 8.01-502) or (ii) executes to the institution a bond indemnifying the institution from any and all liability, loss, etc., on account of the payment, recognition or other treatment of the adverse claim. The bill further provides that its provisions do not affect the statutes governing multiple-party accounts (pursuant to 6.1-125.1 et seq.) or notices of lien issued pursuant to Title 58.1 (Taxation).

Full text:
01/16/96  House: Presented & ordered printed 960284202  pdf
02/28/96  House: Reenrolled bill text (HB361ER)  pdf
04/30/96  Governor: Acts of Assembly Chapter text (CHAP0963)  pdf

Governor's recommendation

01/16/96  House: Presented & ordered printed 960284202
01/16/96  House: Referred to Committee on Corporations, Insurance and Banking
01/23/96  House: Reported from Corp., Ins. & Banking (22-Y 0-N)
01/24/96  House: Read first time
01/25/96  House: Read second time and engrossed
01/26/96  House: Read third time and passed House (Block Vote) (98-Y 0-N)
01/26/96  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
01/26/96  House: Communicated to Senate
01/29/96  Senate: Read first time
01/29/96  Senate: Referred to Committee on Commerce and Labor
02/19/96  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/20/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/20/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/21/96  Senate: Read third time
02/21/96  Senate: Passed Senate (40-Y 0-N)
02/21/96  Senate: VOTE: PASSAGE (40-Y 0-N)
02/28/96  House: Reenrolled bill text (HB361ER)
03/04/96  House: Enrolled
03/04/96  House: Signed by Speaker
03/05/96  Senate: Signed by President
04/10/96  House: Governor's recommendation received by House
04/17/96  House: House concurred in Gov's recommendation (99-Y 0-N)
04/17/96  House: VOTE: ADOPTION (99-Y 0-N)
04/17/96  Senate: Senate concurred in Gov's recommendation (36-Y 0-N)
04/17/96  Senate: VOTE: AGREE TO GOV'S RECOMM. (36-Y 0-N)
04/17/96  Governor: Governor's recommendation adopted
04/17/96  House: Reenrolled
04/17/96  House: Signed by Speaker as reenrolled
04/17/96  Senate: Signed by President as reenrolled
04/17/96  House: Enacted, Chapter 963 (effective 7/1/96)
04/30/96  Governor: Acts of Assembly Chapter text (CHAP0963)