Court rules on bank interpleader case
The Indiana Supreme Court has issued a decision on how a state statute governs recovery when a financial institution interpleads and pays into court-deposited funds that are subject to an adverse claim.A unanimous opinion came Wednesday in Porter Development, LLC v. First National Bank of Valparaiso, No.64S04-0606-CV-236, stemming from a Porter Superior case involving the bank and the development company.First National initiated the action as an interpleader, alleging it was the holder of a $100,000 certificate of deposit owned by Porter…