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Adverse claims - 17 Pa. Cons. Stat. § 516

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     § 516.  Adverse claims.
        (a)  General rule.--Notice to a credit union or Federal
     credit union of an adverse claim against shares standing in the
     name of any member shall not be effectual to cause the credit
     union or Federal credit union to recognize such adverse claim,
     unless the adverse claimant shall procure either an attachment
     or proper restraining order against the credit union or Federal
     credit union from a court of competent jurisdiction in a cause
     of action therein instituted by him, wherein the member or his
     legal representative is made a party in the manner provided by
     law, or unless he shall execute to the credit union or Federal
     credit union in form, and with sureties acceptable to it, a bond
     indemnifying the credit union or Federal credit union from any
     liability, loss, damages, costs and expenses arising from the
     recognition of such adverse claim.
        (b)  Exception.--This section shall not apply in any instance
     where the person in whose name the shares are held is a trustee
     for such adverse claimant, and the facts constituting such
     relationship, as well as the facts showing reasonable cause of
     belief on the part of the claimant that such trustee is about to
     misappropriate the shares, are made to appear by verified
     statement of such claimant.

Last modified: November 27, 2007