AI-assisted research summary: This section lets a writ of garnishment reach certain debts or assets held by a financial institution branch when the writ is served on the manager or another officer at the office or branch where service is made.
12-1577 - Service of writ on branch of financial institution 12-1577 . Service of writ on branch of financial institution A. Monies owing to a judgment debtor by a banking corporation or association, savings bank, savings and loan association, credit union, trust company or title insurance company, maintaining branch offices, or credits or other effects belonging to a judgment debtor and in the possession of or under the control of the banking corporation or association, savings bank, savings and loan association, credit union, trust company or title insurance company, may be levied on by serving a copy of the writ of garnishment on the manager or other officer of the banking corporation or association, savings bank, savings and loan association, credit union, trust company or title insurance company, at any office or branch where service is made. No garnishment shall be effective as to any debt owing by the banking corporation or association, savings bank, savings and loan association, credit union, trust company or title insurance company, if the account evidencing the indebtedness is carried at an office or branch other than the office or branch named in the writ and at which service is made or as to any credits or other effects in its possession or under its control at any other office or branch, unless the service of the writ is accompanied by a cash tender of $25 to the garnishee as costs for the search. On the payment of the search fee the writ shall be effective as to any debt owing by the banking corporation or association, savings bank, savings and loan association, credit union, trust company or title insurance company. B. Notwithstanding subsection A of this section, service of a writ of garnishment on any banking corporation or association, savings bank, savings and loan association or credit union may also be made by certified mail, return receipt requested, at the garnishee's regular place of business, or to the garnishee's statutory agent or at a location that is designated by the garnishee. If served by certified mail, the effective date of service is the date of receipt by the garnishee or the garnishee's statutory agent.