Case: In re Marriage of Xenakis, 2015 IL App (1st) 141297 Fact Snapshot: The judgment debtor successfully moved to discharge citations issued to the custodian of an individual retirement account (IRA) he inherited from his deceased mother. The judgment creditor appealed, arguing that the IRA wasn’t properly exempt from the judgment’s reach. Result: The First District …
Tag Archives: judgment enforcement
Seventh Circuit Files: Court Voids LLC Member’s Attempt to Pre-empt LLC’s Suit Against That Member
In Carhart v. Carhart – Halaska International, LLC, (http://law.justia.com/cases/federal/appellate-courts/ca7/14-2968/14-2968-2015-06-08.html) the plaintiff LLC member tried to shield himself from a lawsuit filed against him by the LLC by (1) taking an assignment of a third-party’s claim against the LLC; (2) getting and then registering a default judgment against the LLC; (3) seizing the LLC’s lone asset: its …
Prior Charging Order Trumps Later Divorce Court Order Involving Restaurant LLC Payouts
The Third District Appellate Court answers some important questions concerning the priority of competing creditors’ rights in the assets of a common debtor and the nature of appellate jurisdiction in FirstMerit Bank v. McEnery, 2014 IL App (3d) 130231-U. There, a creditor obtained a $1.8M judgment against a defendant who had interests in several restaurant LLC ventures (the …