32-8-510. Grounds for quashing subpoena -- duty of depository. (1) A customer or a foreign capital depository has 10 days after service of an administrative or judicial subpoena upon either of them to file a motion to quash the subpoena before the administrative agency issuing the subpoena or a court with jurisdiction over the subpoena. The motion to quash may be based upon one or more of the following grounds:
     (a) the financial record sought is incompetent, irrelevant, or immaterial for the purpose for which it is sought;
     (b) the release of the financial record would cause an unreasonable burden or hardship under the circumstances upon the customer or the depository;
     (c) the supervisory, state, or local agency or other person seeking the financial record is attempting to harass the customer or the depository;
     (d) there is no merit in the purpose for which the financial record is sought; or
     (e) the supervisory, state, or local agency or other person has not made a reasonable effort to first obtain the financial record or the equivalent of the record from some other source other than the depository, if some other source exists.
     (2) A foreign capital depository shall move on the basis of all appropriate grounds, including those set forth in subsection (1), to quash an administrative or judicial subpoena if the customer or the agent of the customer to whom the record relates has not received actual notice of the subpoena. If a foreign capital depository cannot determine from the customer or the customer's agent whether the customer or the agent has received actual notice of the subpoena, the depository shall move to quash the subpoena unless the customer and the depository have agreed in writing to the contrary.
     (3) Failure of the customer or the depository to file a motion to quash the subpoena before the time established for the return of the subpoena constitutes a waiver of the right to object to the release or disclosure of the financial record.
     (4) During the period for the filing of a motion to quash and continuing until a ruling is made upon a motion to quash, the depository shall, unless prohibited by the court, make available to its customer a copy of the subpoenaed financial record and shall preserve the original record without alteration.
     (5) If a depository or a customer files a motion to quash an administrative or judicial subpoena issued pursuant to 32-8-507 or 32-8-509, the proceeding must be afforded priority on the calendar of the agency or the court.
     (6) A depository may charge a customer a fee for the reasonable cost of representing the interests of the customer pursuant to this section.

     History: En. Sec. 38, Ch. 382, L. 1997.