A bank levy is a legal process authorizing a levying officer to seize sufficient funds in a bank account maintained by a debtor, in order to satisfy a judgment.
1
Bank Levy
If a creditor knows where the debtor has a checking or savings account at a bank, savings association, thrift and loan, or credit union, he/she can use a court procedure called a bank levy to collect enough money from the account to pay the judgment, if the debtor has an account in his or her name (as it appears on the judgment).
2
Bank Levy
To make a levy of execution on a bank or other financial institution in California, the creditor must know the name of the financial institution, and also the street address of the particular office or branch where the debtor has the account.
Comments - add comment