Banks Doing Business In Illinois Beware!

Law360, New York (February 22, 2007, 12:00 AM EST) -- What are the implications for a branch bank, or the main office of a bank having multiple branches, when a court seizes (e.g., via a restraining order, garnishment, or attachment) a bank depositor’s funds on deposit in another branch?

The answer has historically hinged on the relationship between a bank and its branches and is governed by the Separate Entity Rule.

That may not be the case, however, if the branch bank served with a seizure writ or similar devise is in Illinois. Illinois is “a...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.