California Commerce Bank v. Superior Court
Opinion
Opinion
Todd, J.
In the case of a perfected appeal, does the posting of a sufficient bond after the marshal has taken possession of money pursuant to a writ of execution result in a stay of enforcement of judgment and require the return of funds held in levy to the judgment debtor? Based on our review of the statutory scheme pertaining to the stay of enforcement of judgments, we answer that question in the affirmative and accordingly grant the petition.
Background
San Marcos National Bank (SMNB) obtained a money judgment in the amount of $99,753.33 against California Commerce Bank (CCB). CCB filed a notice of appeal on April 20, 1992. On May 11, 1992, the Marshal of Los Angeles County (the Marshal) served CCB with levy on a writ of execution. CCB paid the Marshal $101,885.83. On May 19, 1992, CCB filed a stay bond in the amount of $149,630 with the court and served notice of the bond on SMNB.
On May 26, 1992, CCB applied ex parte to the court to stay execution pending appeal and to direct the Marshal to return the funds to CCB. The court denied the application on the grounds CCB had delayed in obtaining the bond and the execution was complete at the time the Marshall took possession of…