Legal Question in Credit and Debt Law in New York
bank account judgement hold about to drop off
A judgment hold for double a specific amount has been placed on my account.I am free to conduct other transactions in the account because the hold money is frozen and will not be affected. A bank officer told me that the hold will drop off soon. Does that mean I am free to withdraw the money or does it mean that it will be given to the court to distribute? Since the hold drops off the account, will my adversary have to refile with the court?
2 Answers from Attorneys
Re: bank account judgement hold about to drop off
Yes, generally speaking, if the creditor does not levy the money within one year, the restraint should drop off. However, at any time the restraint is on the account the creditor can send in the marshal and levy the amount due. Depending on the circumstances of your case, you may be able to vacate the judgment and release the bank restraint. If you would like to discuss further please call.
Re: bank account judgement hold about to drop off
Normally, after there is a hold on the account, the judgment creditor contacts the sheriff or marshal to levy against the account. The levy satisfies the judgment.
Mike.
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