An Act To Amend the Law Regarding Transactions at Financial Institutions
Maine Legislature, Session 123, LD 0687
Committee: Insurance and Financial Services
Amends: 9-B MRSA §427, 14 MRSA §4751

Legislative Document 
No. 687 
H.P.518 
House of Representatives, February 9,2007 
An Act To Amend the Law Regarding Transactions at Financial 
Institutions 
Reference to the Committee on Insurance and Financial Services suggested and ordered 
printed. 
!r/~/J7.~ 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative SA V AGE of Falmouth. (BY REQUEST) 
Printed ()n r~ _'ycled paper 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1. 9-B MRSA §427, sub-§10, as amended by PL 2001, c. 211, §I2, is 
further amended to read: 
10. Adverse claim to deposit or account. Except as provided in Title 11, section 
4-405, in Title 14, section 4751 and in Title I8-A, sections 6-107 and 6-112, notice to ftRY 
!! financial institution authorized to do business in this State of an adverse claim to a 
deposit or account standing on its books to the credit of any person is not effectual to 
cause sai4 that institution to recognize sai4 the adverse claimant, unless sai4 the adverse 
claimant sflaH either flFSSI:lFe procures a restraining order, injunction or other appropriate 
process against sai4 the institution from a court of competent jurisdiction in a civil action 
II 
to which the person to whose credit the deposit or account stands is made a party, or sflaH 
e"esl:lte executes to sai4 that institution, in .i! form and with sureties acceptable to it the 
institution, a bond indemnifying sai4 the institution from QR)' QRd all liability, loss, 
damage, costs and expenses for and on account of the payment of such adverse claim or 
the dishonor of checks or other orders of the person to whose credit the deposit or account 
stands on the books of sai4 the institution. 
This subsection does not apply to the creation, perfection or enforcement of a security 
interest in a deposit or account other than an assignment of a deposit or account in a 
consumer transaction as defined in Title 11, section 9-1102, subsection 26. 
Sec. 2. 14 MRSA §4751, as amended by PL 1985, c. 187, §5, is further amended 
to read: 
§4751. Goods sold on execution 
All chattels, real and personal liable at common law to attachment and not exempted 
therefrom by statute, may be taken and sold on execution as prescribed in this subchapter 
and subchapter I¥ 1. Credits of a sole proprietorship doing business under an assumed or 
trade name, partnership, limited liability company or corporation, other than payroll 
accounts expressly so designated to the credit holder by the account owner, may be taken 
on execution by an officer and turned over to the judgment creditor to be applied to the 
judgment, together with interest and costs. 
SUMMARY 
I 
Current law requires, with exceptions, an adverse claimant to provide a financial 
institution with an indemnifying bond before the institution may recognize the notice of 
the adverse claim. 
This bill adds another exception, for chattels as specified In the Maine Revised 
Statutes, Title 14, section 4751. 
This bill also adds limited liability companies to the enumeration of entities that may 
have their credits taken on writ of execution. 
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