515:13-a Limitation on Seizure, Setoff, or Attachment by Banks. –
Individual retirement accounts or simplified employee pensions, as defined by section 408
of the United States Internal Revenue Code of 1986, as amended, shall be subject to seizure, setoff, or attachment for the benefit of creditors only by means of legal process, and not by unilateral action by the bank with which such accounts are deposited, or by other creditors, notwithstanding any agreements to the contrary.
Source. 1994, 47:1, eff. Jan. 1, 1995.