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 commonly within the California Code of Civil Procedures, abbreviated as CCPs. Over time statutes change, so please verify all laws prior to doing something about it. This is not legal advice and we are not lawyers, but we can help you protect your judgment collection.
California Judgment Collection Laws
California CCP 685.020: The rate that California judgments accrue interest: (a): Interest accrues at the rate of 10 percent per annum on the major quantity of a cash judgment outstanding. (b): The Legislature reserves the right to alter the rate of interest at any time to a rate of less than 10 percent per year, no matter the date of entry of the judgment or the date any type of obligation upon which the judgment is based was incurred. A modification in the rate of interest can be made suitable only to the interest that accrues after the operative date of the statute that changes the rate.
California CCP 699.020: At any point in time after service of a writ of execution to a levying officer and before its return, a plaintiff indebted to the judgment debtor may pay the levying officer the amount of the financial obligation or as much as is required to satisfy the judgment. The levying officer shall give a receipt for the amount paid and such receipt is a discharge for the amount paid.
California CCP 699.080: Search on the internet for “CCP 699.080” to see the complete text of this law, or any type of California laws pointed out in this article. This law explains how, after a debtor’s possessions are approved for levy by a Sheriff; a registered process server should serve a writ to levy all kinds of assets, including rare situations such as drawn out mineral rights, and regular assets such as personal property, realty, bank deposits and the like. This law also establishes waiting periods, how writ of executions are managed, and exactly how notices should be sent. Interestingly, in part 4g, this statute mentions “A registered process server can levy multiple times once under the same writ of execution, as long as the writ is still official”. This seems to contradict many California levy circumstances where one just gets “one bite of the apple”, for instance, if a bank levy seizes the debtor’s assets just once, at the moment 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 law says that writs should be released for the particular county where the judgment debtor’s possessions are residing. In very rare scenarios, where writs of execution from numerous owners are requested from a court at the exact same time, for the exact same judgment debtor; writs of execution on family court judgments are given a higher priority at the court clerk’s workplace. Writs of execution last for 6 months, unless made use of to actively levy salaries, whereupon they typically last as long as either the debtor’s employment, or the judgment stays outstanding. Additionally pointed out, are details of writs of execution, affidavits of identification, and punishments for creditors that keep possessions 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 statute. In recap, this statute specifies the details that has to needs to be consisted of on writs.
California CCP 699.520: (a) Upon service of the writ of execution to the levying official to whom the writ is directed, together with the written directions from the judgment creditor, the levying offical shall execute the writ in the way suggested by law. (b) The levying agent may not levy upon any type of property under the writ after the termination of 180 days from the date the writ was issued.
California CCP 700.010: (a) At the time of levy or quickly afterwards, 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 individual, a copy of the form of listing exemptions prepared by the Judicial Council pursuant to class (c) of Section 681.030 and the listing of exemption quantities published pursuant to subdivision (d) of Section 703.150. 4. Any affidavit of identity, 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 look for “CCP 700.160” to see the complete text of this statute. This law specifies the time frame for banks to pay exactly what is owed to the Sheriff, and covers situations where a safe-deposit box or checking account is levied in some name other then the debtor, and how fictitious name statements are taken care of. This law just covers cases including unexpired fictitious business name statements, and does not address or discuss the common case of debtors operating businesses using ended fictitious company names.
If you’d like to move forward with a judgment collection, we can help with:
- Writ of Executions
- Earning Withholdings Orders
- Wage Garnishments
- Child Support Orders
- Bank Levies
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.