AB 2067: Financial institutions: service of process.

Existing law, the Enforcement of Judgments Law, governs the enforcement of, among other things, money judgments and judgments for possession of personal property in civil actions. Existing law requires a writ, notice, order, or other paper relating to the enforcement of a judgment to be served on the judgment creditor or, if applicable, the judgment creditors attorney. Under existing law, a financial institution is permitted, and if it has more than nine branches or offices within the state is required, to designate one or more central locations for service of legal process within the state. Except as specified, service of legal process at a central location of a financial institution is effective against all deposit accounts and all property held for safekeeping, as collateral for an obligation owed to the financial institution, or in a safe-deposit box if, among other conditions, the deposit accounts or properties are held by the financial institution at any branch or office covered by central process and located within the state.

This bill would permit a financial institution to designate a third-party agent, as defined, as a central location for service of legal process, as specified. If the financial institution designates a third-party agent as a central location, the bill would require the financial institution to designate another central location. The bill would prohibit each central location from being located in the same county as another designated central location.