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PORTER DEVELOPMENT v. FIRST NAT. BANK

No. 64S04-0606-CV-236.

866 N.E.2d 775 (2007)

PORTER DEVELOPMENT, LLC, Appellant, Cross-Appellee (Defendant below), v. FIRST NATIONAL BANK OF VALPARAISO, Appellee, Cross-Appellant (Plaintiff below). Eagle Services Corp., Not Appealing (Defendant below).

Supreme Court of Indiana.

May 23, 2007.

Attorney(s) appearing for the Case

Steven W. Handlon, Margaret A. Williford, Handlon & Handlon, Portage, IN, Attorneys for Appellant.

Hugo E. Martz, Martz & Boyles, Valparaiso, IN, Kent M. Frandsen, Carol Sparks Drake, Parr Richey Obremskey & Morton, Lebanon, IN, Attorneys for Appellee.

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...

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