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Article: Writ of garnishment served? Consult your legal counsel
- Article from:
- Texas Banking
- Article date:
- February 1, 1996
- Author:
CopyrightCopyright Texas Banker Association Feb 1996. Provided by ProQuest LLC. (Hide copyright information)
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Few events are more worrisome for a banker than when the local constable shows up to serve a writ of garnishment on the bank. It is always critical that the garnishment be addressed immediately upon receipt to avoid any liability to the bank; however, often questions arise for which a ready answer is unavailable.
The following attempts to answer some of the most common questions about garnishments:
Q: What is a writ of garnishment?
A writ of garnishment is a state law remedy prescribed by statute whereby a creditor may recover on a debt by seizing a debtor's property held by or owing from a third party.
Q: What should the bank do once it receives a writ of garnishment]
Because a writ of ...