Garnishee order: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson m (Correcting spelling of Lien on see also and slight wording change to definition to make it clearer.) |
imported>Doug Williamson m (Add link.) |
||
| Line 9: | Line 9: | ||
* [[Bad debts]] | * [[Bad debts]] | ||
* [[Lien]] | * [[Lien]] | ||
* [[Order]] | |||
[[Category:The_business_context]] | |||
[[Category:Compliance_and_audit]] | [[Category:Compliance_and_audit]] | ||
[[Category:Manage_risks]] | |||
Latest revision as of 17:01, 10 March 2021
A court order that directs a person or entity who holds funds or assets for a debtor to withhold these 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 (the debtor) for as long as that party owes money to a second party (the creditor).
The second party obtains the garnishee order and the bank is the garnishee.
