Legal Question in Credit and Debt Law in New York
legal holds/ frezees on bank accounts
When multiple people share one bank account Is it ok for a bank to accept a hold on a account for a debt that belongs to just one of the account holders? Also are legal holds permanent? as in can the money be accessed at a later date once hold is lifted?
1 Answer from Attorneys
Re: legal holds/ frezees on bank accounts
Q. When multiple people share one bank account Is it ok for a bank to accept a hold on a account for a debt that belongs to just one of the account holders?
A. Yes.
Q. Also are legal holds permanent? as in can the money be accessed at a later date once hold is lifted?
A. If the restraint on the bank account is lifted because the judgment is vacated (or on consent of the judgment creditor), the money may be accessed by the account holder.
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