This article will educate you on garnishee order in banking and best way to stop irs garnishment of your wages or salary.
A Garnishee order is an order of the court obtained by a judgment creditor attaching funds in the hands of a third person who owes money to the judgment debtor. It can also be defined as an oder from the court, obtained by a judgment creditor ordering that a debtor owing or accruing due from a third party to the judgment debtor at the time of service of the order be paid to the judgement creditor through the court.
An example of garnishee order in banking, let’s assume that Arsenal FC owes Henry €5000.00 and Henry obtained a court judgment against Arsenal FC to pay Henry the €5000.00. Let’s us assume that Arsenal FC has account with Gtbank, and there’s a credit balance in his account with Gtbank. Henry can obtain a garnishee order against Arsenal FC credit balance in his account with Gtbank. For this example, Arsenal FC is the judgment debtor, Henry is the judgment creditor while Gtbank is the third party or the garnishee.