Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Shipley v. Hoke, 2014 IL App (4th) 130810 provides an exhaustive discussion of Illinois’ post-judgment enforcement rules in the context of a judgment creditor trying to reach debtor assets held by third parties. It’s key points concerning a citation’s life span include: – Code Section 2-1402 allows a judgment creditor to prosecute supplementary proceedings for the purposes of examining a …
Continue reading “The Third-Party Citation: How Long Does It Last?”
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 …
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 …