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Paul Porvaznik – Business Litigator

Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)

Tag Archives: unfreeze

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 …

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Posted byPaulPNovember 3, 2013May 26, 2016Posted inPost-judgment - CollectionsTags: 12-708, 2-1402, account holder, bank, Cartridge World, citation to discover assets, Davis mcgrath, freeze account, garnishment, LLC, Porvaznik, set-off, Supreme Court Rule 277, third-party citation, unfreeze
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