G7 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 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 | The second party obtains the garnishee order and the bank is the garnishee. | ||
== See also == | == See also == | ||
* [[ | * [[Bad debts]] | ||
* [[ | * [[Lien]] | ||
* [[ | * [[Order]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
[[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.