Porter Development, LLC v. First National Bank of Valparaiso

DICKSON, Justice.

When a financial institution interpleads and pays into court deposited funds that are subject to an adverse claim, how does Indiana Code § 28-9-5-3 govern its entitlement to receive its costs and expenses thereby incurred? To address this question, we granted transfer.

First National Bank of Valparaiso (“the Bank”) commenced this action with its complaint for interpleader pursuant to Indiana Trial Rule 22, alleging that it was the holder of a $100,000 certificate of deposit owned by defendant Porter Development, LLC; that it had received notice of a purported assignment of the…