DEBTOR AND CREDITOR Garnishment Proceedings: Provide Definitions; Provide Immunization and Reimbursement for Costs of Banks and Other Financial Institutions; Provide Procedures for Banks in Possession of Property

The Act requires that additional information be provided by creditors to banks and other financial institutions on certain affidavits and summonses when creditors attempt to garnish funds form a debtor's account. The Act immunizes banks and other financial institutions from liability if the fail to pay money from a debtor's account if the information needed to positively identify the debtor's account is not received by them. The Act further details the procedures a bank must follow when it has property or money in its safe deposit box, which is subject to garnishment by a creditor. The Act immunizes certain association and fiduciary accounts from garnishment proceedings. The Act provides reimbursements to banks and other financial institutions for the costs they incur in turning money or property subject to garnishment over to the court.