Fungibility and Garnishee order: Difference between pages
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A court order that directs a person or entity who holds funds or assets for a debtor to withhold them from the debtor and release them to the debtor's creditor in order to pay off the debt. | |||
For example, an order from a court forbidding a bank to release money that it holds in the account of one party for as long as that party owes money to a second party. | |||
The second party obtains the garnishee order and the bank is the garnishee. | |||
== See also == | == See also == | ||
* [[ | * [[Bad debts]] | ||
* [[ | * [[Lein]] | ||
Revision as of 11:05, 25 January 2014
A court order that directs a person or entity who holds funds or assets for a debtor to withhold them from the debtor and release them to the debtor's creditor in order to pay off the debt.
For example, an order from a court forbidding a bank to release money that it holds in the account of one party for as long as that party owes money to a second party.
The second party obtains the garnishee order and the bank is the garnishee.
