Bank Levy

LEVYING A SAFE DEPOSIT BOX

LEVYING A SAFE DEPOSIT BOX

I am a child of the 1980's and a huge movie fan. One of my childhood favorites is The Goonies. The Goonies search for a hidden treasure in order to save their neighborhood. While our post judgment collection activities are never as exciting as the adventure of the Goonies or another of my favorites, Indiana Jones, occasionally our post judgment work is exciting. One such instances is levying on a safe deposit box.

COLLECTING THE UNCOLLECTABLE

COLLECTING THE UNCOLLECTABLE

Collecting on the "Uncollectable"

Donald Sterling's wife is suing his alleged mistress to recover community property, claiming that Sterling gave the woman expensive gifts ranging from a Ferrari to a $1.8 million duplex without her permission. See the article in the  LA Times.

So what's wrong with that? He's not allowed to buy someone gifts?

California, along with eight other states, is governed by the community property system, meaning each spouse shares equally in the profits and income earned, regardless of who actually acquired the property. Therefore, those pricey purchases from the disgraced Clippers owner were allegedly acquired with community property funds also owned by Rochelle Sterling without her knowledge.