Our next article will further explore how to pursue a judgment when two people claim ownership over the safe deposit box.ĭon’t miss an update! Sign up for our newsletter here. A safebox, also known as a safe, is a secure container designed to protect valuables from theft, damage, or unauthorized access. In that scenario, any non-debtor who jointly owns the box with the debtor has the opportunity to challenge the execution by claiming that some or all of the property in the safe deposit box belongs to him or her, and therefore should not be subject to seizure. In some cases, multiple people own or have access to the debtor’s safe deposit box, which can complicate things. If there is no cash, or if there is not enough cash to satisfy the judgment, then the Sheriff or Marshall can seize any property in the box, sell it at auction, and distribute the proceeds from the sale to the creditor (while keeping a portion for poundage). If the box contains cash, then the Sheriff or Marshal will take their fee, called poundage, and distribute the remaining cash to the creditor, up to an amount sufficient to satisfy the judgment. The safe deposit box may contain cash, bonds, jewelry, or other personal property of the debtor. The creditor can then ask the Sheriff or City Marshal to meet with a representative from the bank to unlock and catalog the contents of the debtor’s safe deposit box, which will then be turned over to the Sheriff or Marshal. Upon service of a subpoena with restraining notice from the creditor or the creditor’s attorney, the bank is required to seal the safe deposit box and prohibit all access to it, including by the debtor. There are other creative avenues to pursue against a debtor who may or may not have liquid funds to satisfy a judgement, including issuing a subpoena with restraining notice to the debtor’s bank and seizing the contents of his or her safe deposit box. JUGREAT Safe Box with Induction Light,Electronic Digital Security Safe Steel Construction Hidden with LockWall or Cabinet Anchoring Design for Home Office Hotel Business 0.23 Cubic Feet Black. Price and other details may vary based on product size and color. DS (font: Arial,sans-serif 12.0pt text-align:left color:#000000) Axis Bank is the provider of Citi branded consumer banking products in India temporarily and Citi India is providing certain services in respect of those products.The trademarks “Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trademarks and derivations thereof are used temporarily under license by Axis Bank from Citigroup Inc. Consumer banking customers can continue to use all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile® App as usual. Citi India has transferred ownership of its consumer bankingīusiness to Axis Bank \(registration number L65110GJ1993PLC020769\). Citi India consumer banking customers are now served by Axis Bank.
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