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Enforcing a judgment are interests in a company exempt?


jmartin
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I live in Washington state. I recently became aware of an old judgment which originated from an MBNA credit card (personal account), received writ of garnishment, judgment lien, and now have an upcoming debtors exam.

 

Can the creditor enforcing the judgment take shares in my business, put a lien on the shares, force me to sell my shares, or freeze/take funds out of the company bank account, or do anything else?

 

The company's funds are from a third party investor, business is a c-type corporation, and is not currently generating any income and does not have any employees.

 

I do have a personal bank account at the same bank as the corporation, not sure if they are linked.

 

Any help would be appreciated!

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I think the corporation itself and its assets are safe. A C-Corp is a separate entity from an individual. It would be like saying that IBM's assets would be in danger if there was a judgement against me because I own shares of IBM.

As for your shares, the issue at hand is whether they can monetize the shares or not. Since this sounds like a small start up without any profits and probably little assets, probably not. The bank does not want the shares, they want liquid money and these shares are illiquid. There is no market for them. Besides, if they did take the shares, what would happen to the company if you refused to continue to work for it.

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