(a) The Director of the Department of Workforce Services or his or her designated representative may give notice of impoundment of any deposits in any bank or savings and loan institution payable to the order of any employer owing any delinquent contributions, interest, and penalties to which a lien has attached under this chapter. Notice of impoundment shall be served by the director or his or her designated representative by certified mail to the bank or savings and loan institution or by written notice served personally upon its president, vice president, cashier, or assistant cashier.
(b) Any bank or savings and loan institution served with notice of impoundment shall be required to recognize the Department of Workforce Services' lien on any deposit subject thereto by withholding payment of any deposit in an amount not to exceed the amount of the delinquent contributions, interest, and penalty to the depositor or to his or her order for a period not to exceed sixty (60) days.
(c) Any bank or savings and loan institution failing to comply shall be held liable for the amount covered by the notice of impoundment up to the amount on deposit to the employer's credit with the bank or savings and loan institution.
(d) (1) Impoundment of the funds shall be revoked when the lien or judgment has been satisfied and may be revoked at any time at the discretion of the director or his or her designated representative.
(2) Revocation of impoundment shall be served in the same manner as the notice of impoundment.
Section: Previous 11-10-710 11-10-711 11-10-712 11-10-713 11-10-714 11-10-715 11-10-716 11-10-717 11-10-718 11-10-719 11-10-720 11-10-721 11-10-722 11-10-723 NextLast modified: November 15, 2016