Section 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.