New Jersey § 17:9a-223

§ 17:9a-223.

Notice to any banking institution of an adverse claim to a deposit to the credit of

any person shall not be effectual to cause the banking institution to recognize the

adverse claimant unless the adverse claimant shall either procure a restraining order,

injunction or other appropriate process against the banking institution from a court

of competent jurisdiction in a cause wherein the person to whose credit the deposit

stands is a complainant or is a defendant who has been served with process, or shall

execute and deliver to the banking institution, in form and with surety acceptable

to it, a bond indemnifying the banking institution against any liability, loss, damage,

costs and expenses on account of the payment of the adverse claim or the dishonor

of checks, notes or other instruments requiring payment of money by or for the account

of the person to whose credit the deposit stands on the books of the banking institution. This section shall not apply when the person to whose credit the deposit stands

is a fiduciary for the adverse claimant, and the facts showing such relationship and

reasonable cause for belief that the fiduciary is about to misappropriate the deposit

are made to appear by affidavit of the claimant.