§ 171. Repayment of deposits standing in the names of minors, trustees
or joint depositors; repayment where adverse claim is asserted;
interpleader in certain actions; effect of claims or advices originating
in, and statutes, rules or regulations purporting to be in force in
occupied territory. 1. When any deposit shall be made by or in the name
of any minor, the same shall be held for the exclusive right and benefit
of such minor, and free from the control or lien of all other persons,
except creditors, and shall be paid, together with the interest thereon
to the person in whose name the deposit shall have been made, and the
receipt or acquittance of such minor shall be a valid and sufficient
release and discharge for such deposit or any part thereof to the
private banker.

4. A private banker need not recognize or give any effect to a claim
of authority to order the payment or delivery of any funds or other
property standing on his books to the credit of, or held by him for the
account of, any person, corporation, unincorporated association or
partnership, which claim conflicts with a claim of authority of which
the private banker had prior notice, unless the person or persons
asserting such subsequent claim shall procure a restraining order,
injunction or other appropriate process against said private banker from
a court of competent jurisdiction in the United States, or, in lieu
thereof, with the consent of said private banker, shall execute to said
private banker, in form and with sureties acceptable to him, a bond,
indemnifying him for any and all liability, loss, damage, costs and
expenses for or on account of any payment or delivery of such property
by him pursuant to such subsequent claim of authority or for or on
account of the dishonor of any check or other order of any person or
persons asserting the claim of authority of which such private banker
already had notice at the time the subsequent conflicting claim of
authority is asserted by the person or persons furnishing such bond.

5. Notice to any private banker of an adverse claim to any property,
or to a deposit of cash or securities standing on his books to the
credit of, or held for the account of, any person shall not be effectual
to cause said private banker to recognize said adverse claimant unless
said adverse claimant shall also either procure a restraining order,
injunction or other appropriate process against said private banker from
a court of competent jurisdiction in the United States in a cause
therein instituted by him wherein the person to whose credit the deposit
stands, or for whose account the property or deposit is held, or his
executor or administrator is made a party and served with summons, or
shall execute to said private banker, in form and with sureties
acceptable to him a bond, indemnifying said private banker from any and
all liability, loss, damage, costs and expenses, for and on account of
the payment of or delivery pursuant to such adverse claim or the
dishonor of the check or other order of the person to whose credit the
deposit stands, or for whose account the property or deposit is held, on
the books of said private banker.

6. (a) In all actions against any private banker to recover for moneys
on deposit therewith, if there be any person or persons, not parties to
the action who claim the same fund, the court in which the action is
pending, may, on the petition of such private banker, and upon eight
days' notice to the plaintiff and such claimants, and without proof as
to the merits of the claim, make an order amending the proceedings in
the action by making such claimants parties defendant thereto; and the
court shall thereupon proceed to determine the rights and interests of
the several parties to the action in and to such funds. The remedy
provided in this section shall be in addition to and not exclusive of
that provided in any other interpleader provision.

(b) The funds on deposit which are the subject of such an action may
remain with such private banker to the credit of the action until final
judgment therein, and be entitled to the same interest as other deposits
of the same class, and shall be paid by such private banker in
accordance with the final judgment of the court; or the deposit in
controversy may be paid into court to await the final determination of
the action, and when the deposit is so paid into court such private
banker shall be struck out as a party to the action, and its liability
for such deposit shall cease.

(c) The costs in all actions against a private banker to recover
deposits shall be in the discretion of the court, and may be charged
upon the fund affected by the action.

7. (a) A private banker need not recognize or give any effect to (1)
any claim to a deposit of cash, securities, or other property standing
on his books to the credit of, or held by him for the account of, any
corporation, firm or association in occupied territory, or (2) any
advice, statute, rule or regulation purporting to cancel or to give
notice of the cancellation of the authority of any person at the time
appearing on the books of such private banker as authorized to withdraw
or otherwise dispose of cash, securities, or other property of such
corporation, firm or association, unless such private banker is required
so to do by appropriate process procured against him in a court of
competent jurisdiction in the United States in a cause therein
instituted by or in the name of such corporation, firm or association,
or unless the person making such claim or giving such advice or invoking
such statute, rule or regulation, as the case may be, shall execute to
such private banker, in form and with sureties acceptable to him, a bond
indemnifying him from any and all liability, loss, damage, costs and
expenses for and on account of recognizing or giving any effect to such
claim, advice, statute, rule or regulation.

(b) For the purposes of this subdivision (1) the term "occupied
territory" shall mean territory occupied by a dominant authority
asserting governmental, military or police powers of any kind in such
territory, but not recognized by the United States as the de jure
government of such territory, and (2) the term "corporation, firm or
association in occupied territory" shall mean a corporation, firm or
association which has, or at any time has had, a place of business in
territory which has at any time been occupied territory.

(c) The foregoing provisions of this subdivision shall be effective
only in cases where (1) such claim or advice purports or appears to have
been sent from, or is reasonably believed to have been sent pursuant to
orders originating in, such occupied territory during the period of
occupation, or (2) such statute, rule or regulation appears to have
emanated from such dominant authority and purports to be or to have been
in force in such occupied territory during the period of occupation.

(d) The foregoing provisions of this subdivision shall apply to
claims, advices, statutes, rules or regulations made, given or invoked
either prior to, or on or subsequent to the effective date of this act.