An adverse claim to a bank deposit does not need to be paid out by the bank, unless and until either the:

1. (a) Person making the claim supplies indemnity deemed adequate by the bank; or
2. (b) bank is served with process or order issued by a court of competent jurisdiction in an action in which the adverse claimant and the person or persons nominally entitled to the deposit are parties.

L. 1947, ch. 102, § 56; L. 1965, ch. 564, § 400; L. 2015, ch. 38, § 71; July 1.