California Bank Levy Laws That May Affect Your Judgment Collection
This article points out some judgment-related guidelines and laws in California. California’s judgment-related laws are most often within the California Code of Civil Procedures, abbreviated as CCPs.
Gradually statutes alter, so please validate all laws prior to doing something about it. This is not legal assistance and we are not attorneys, however we can help you secure your judgment collection.
California Judgment Collection Laws
California CCP 685.020: The rate that California judgments accumulate interest: A: Interest accumulates at the rate of 10 percent per annum on the primary quantity of a money judgment left over. B: The Legislature reserves the right to alter the rate of interest at any time to a rate of less than 10 percent per annum, regardless of the date of entry of the judgment or the date any type of responsibility upon which the judgment is based was sustained. A change in the interest rate may be made relevant only to the interest that accumulates after the operative date of the statute that changes the rate.
California CCP 699.020: At any point in time after distribution of a writ of execution to a levying offical and before its return, an individual indebted to the judgment debtor is able to pay the levying official the quantity of the financial obligation or as much as is required to please the judgment. The levying officer shall give a receipt for the amount paid and such receipt is a release for the quantity paid.
California CCP 699.080: Search on the web for “CCP 699.080” to see the complete text of this law, or any type of California laws pointed out in this post. This law describes exactly how, after a debtor’s possessions are approved for levy by a Sheriff; a registered process server may serve a writ to levy all kinds of assets, including unusual scenarios such as extracted mineral rights, as well as regular possessions such as private property, real estate, bank deposits and the like. This law also dictates waiting periods, how writ of executions are managed, and exactly how notices have to be sent out. Interestingly, in area 4-G, this statute specifies “A registered process server can levy multiple times once under the same writ of execution, as long as the writ is still official”. This appears to contradict the majority of California levy scenarios where one only gets “one bite of the apple”, for example, if a bank levy seizes the debtor’s possessions just once, at the minute a levy is served on their bank.
California CCP 699.510: Search on the web for “CCP 699.510” to see the full text of this statute. In recap, this statute says that writs need to be released for the particular county where the judgment debtor’s assets are residing. In incredibly unusual circumstances, where writs of execution from numerous owners are requested from a court at the same time, for the exact same judgment debtor; writs of execution on family court judgments are offered a higher concern at the court clerk’s workplace. Writs of execution last for six months, unless used to actively levy incomes, whereupon they generally last as long as either the debtor’s job, or the judgment remains unsatisfied. Also specified, are details of writs of execution, affidavits of identity, and penalties for creditors that retain assets taken from the wrong individuals.
California CCP 699.520: Use the web to look for “CCP 699.520” to see the complete text of this law. In summary, this statute points out the info that actually needs to be consisted of on writs.
California CCP 699.520: (a) Upon delivery of the writ of execution to the levying official to whom the writ is directed, together with the ordered instructions from the judgment creditor, the levying offical shall execute the writ in the manner prescribed by law. (b) The levying agent may not levy upon any type of home under the writ after the expiration of 180 days from the date the writ was issued.
California CCP 700.010: (a) At the time of levy or quickly after that, the levying official shall serve a copy of the following on the judgment debtor: 1. The writ of execution. 2. A notice of levy. 3. If the judgment debtor is a naturalized person, a copy of the form of listing exemptions prepared by the Judicial Council pursuant to class (c) of Section 681.030 and the list of exemption quantities released pursuant to subdivision (d) of Section 703.150. 4. Any type of affidavit of identification, as defined in Section 680.135, for names of the debtor noted on the writ of execution. Service of process under this part shall be made in person or by mail.
California CCP 700.160: Use the web to browse for “CCP 700.160” to see the full text of this statute. This law specifies time limits for banks to pay what is owed to the Sheriff, and covers circumstances where a safety-deposit box or bank account is levied in some name other then the debtor, and exactly how fictitious name statements are taken care of. This law only covers cases involving unexpired fictitious business name declarations, and does not address or point out the typical case of debtors operating companies utilizing old fictitious business names.
If you’d like to move forward with a judgment collection, we can help with:
- Child Support Orders
- Writ of Executions
- Wage Garnishments
- Bank Levies
- Earning Withholdings Orders
New California Assembly Bill 2364 requires your judgment order to be served to a centralized Bank of America location that we deliver to several times a day.
If you’d like your order delivered tomorrow, give JPL Process Service a call today at (866) 754-0520.