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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 33166
Experience:  JD, BBA Over 25 years legal and business experience.
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I have a bank account designated as Trust Account with Bank

Customer Question

I have a bank account designated as Trust Account with Bank of America in California. Account has set up to collect the insurance premiums from my client and pay a net premium due to Insurance company.
A creditor in Missouri State has filed a writ of execution to collect a judgment against me in my bank in Missouri. Bank is holding the funds of the trust account and has freeze the funds and informed me that they will pay money judgment to creditor whether it is a trust account or not. I have gone as far as in explaining bank that the money belongs to my insurance client and bank should deny garnishment but bank refused to act on my request. ( incidently, I am advised that bank must refuse garnishing my trust account.
IS THERE A FORM COMPLAINT TO STOP BANK IN DISBURSING TRUST FUNDS TO THE CREDITOR (WRIT ) IN CALIFORNIA-SUPERIOR COURT COMPLAINT ?
Submitted: 1 year ago.
Category: Legal
Expert:  Tina replied 1 year ago.
Hello and welcome.
My name is ***** ***** my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:
Did the creditor obtain the writ from a CA court or a MO court?
I look forward to assisting you as soon as I have received this information. Thank you.
Customer: replied 1 year ago.

Writ was issued in Jackson County circuit Court in Missouri.

My account reads as follows:

NARENDRA T SHARMA SOLE PROP

DBA SHARMA INSURANCE AGENCY TRUST ACCOUNT

Expert:  Tina replied 1 year ago.
I see. Thank you for sharing this additional information, Sharma.
Since the writ was issued by a court, the bank would typically have no choice but to abide by the order. Therefore, you would typically want to file an exemption to the garnishment with the court, seeking to have the assets released.
Here is a link which provides information on this process:
http://www.stlouisco.com/yourgovernment/countydepartments/sheriffsoffice/garnishmentexemption
It would be best to retain a MO attorney to file the exemption on your behalf as the court will typically require a hearing on the matter and an attorney could prepare for that and attend the hearing on your behalf.
I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!
Tina
Customer: replied 1 year ago.

I understand that exemption must be filed in Missouri. But if my trust account is in California and bank refused to act on my request to recognize account as Trust Account. Why is it not possible to file a complaint against Bank of America in California. In essence I am asking bank to recognized my trust account and refuse to accept writ

I want to use this type of action to have creditor work with me in some other ways. Delaying puts me into a better position to work out a payment arrangement with them. Creditor is Division of Employment Security.They are Ok but their attorney is acting like????

Plus: Bank of America should not take an arbitrary position to recognize that it is a trust account.freezing my account is putting me out my insurance business.

Is it not possible to move on both ends, in Missouri and in California for a declaratory relief forcing Bank of America to treat my account as a trust account and entitle for remedy allowed to Trust Account

Expert:  Tina replied 1 year ago.
Hello again, Sharma.
If the bank has an order indicating that this particular account be frozen for the benefit of the creditor, then they would have no choice but to comply with it. If the order indicates that all "your" assets are to be frozen, then there is an opportunity to seek declaratory relief in CA but I would not expect that to happen any faster than if you were to file the exemption in the MO court and have the writ lifted with regard to that account.