(photo credit: www.dreamstime.com; Google images (visited 11.26.14) In earlier posts, I’ve discussed how time-consuming and frustrating it can be to collect on a money judgment. The primary creditor enforcement methods include freezing the debtor’s bank accounts, garnishing his wages, and liening his real estate by recording the judgment in the county where his land is located. Recording a lien against a debtor’s …
Tag Archives: citation to discover assets
Priority Dispute Central: When a Bank and Creditor Both Vie for the Same Account Holder Funds
Banks and their commercial customers often enter loan agreements which give the bank the right to set-off or “swipe” the customer’s account if the customer defaults on a loan. The boilerplate loan documents will typically list as a default event, a judgment creditor of the customer attempting to attach the account funds. The loan and security agreement will also give …
Defendant Bank Not Liable for Permitting Judgment Debtor to Transfer Over $700,000 from Accounts
The Citation to Discover Assets to a Third Party or “third-party citation” allows a judgment creditor to serve a citation on a third-party – a bank, for instance – who holds property of the judgment debtor and attach that property until the court orders the property released. See 735 ILCS 5/2-1402(f)(1). The third-party citation prohibits the citation …