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#962155 - 05/20/08 06:56 PM Restraining Notices - How to Process
Compliance Buzz Offline
Gold Star
Joined: Feb 2002
Posts: 319
NJ
Our NJ bank is new to NY banking, and has received our first Information Subpena with Restraining Notice. I've reveiwed Sec. 5222 regarding the Restraining Notice, but it doesn't make clear if we are to place a freeze on only the funds in the account at the time of receipt of notice, or on the entire amount of the judgement. Any help a NY-knowledgable bank can give would be greatly appreciated.
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#971820 - 06/09/08 07:26 PM Re: Restraining Notices - How to Process Compliance Buzz
daugresani Offline
New Poster
Joined: Jul 2004
Posts: 10
New York City
Under NYS law a restraining notice requires the freezing of double the amount of the judgement.

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#971831 - 06/09/08 07:36 PM Re: Restraining Notices - How to Process daugresani
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
Quote:
Under NYS law a restraining notice requires the freezing of double the amount of the judgement.

Or is it double the amount of the judgment or the balance in the account on the date the order was received, whichever is less?

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#1037280 - 09/09/08 12:55 PM Re: Restraining Notices - How to Process Tom at HOME
zaron Offline
New Poster
Joined: May 2006
Posts: 5
It's double the amount of the judgment. The statute is NY CPLR 5222:
"If a garnishee served with a restraining notice withholds the payment of money belonging or owed to the judgment debtor or obligor in an amount equal to twice the amount due on the judgment or order, the restraining notice is not effective as to other property or money."

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