intangible personal property

Question 1

What are examples of intangible property?

Answer 1

1. Bank account
2. accounts receivable
3. wages
4. other debts owed to debtor

Question 2

the lien commences when…

Answer 2

A writ of execution is delivered to the sheriff.

Question 3

The lien applies to..

Answer 3

all intangible personal property in the Commonwealth.

Question 4

The lien is good for…

Answer 4

1 year

Question 5

Because the property is intangible, you cannot _____ on the lien.

Answer 5

levy

Question 6

The lien is typically enforced by…

Answer 6

a writ of garnishment or a creditor’s bill.

Question 7

What are the limits on garnishment?

Answer 7

1. Marital bank accounts. It’s assumed that the non-debtor spouse contributed half of contents. This is rebuttable by creditor who has BoP to show debtor contributed more than half.
2. Other joint accounts. Non-debtor account holder has the BoP to show they contributed more than half.
3. Negotiable instruments and negotiable stock certificates. These must be seized by the sheriff.
4. Wages-Same limitation already mentioned.