Gibraltar Building & Loan Ass'n v. State Savings & Loan Ass'n

ORDER RE WRIT OF ATTACHMENT

This motion is before the Court on the plaintiffs ex parte application for a right to attach order and for a writ of attachment.

The plaintiff, Gibraltar Building and Loan Association, Inc. (“Gibraltar”), filed suit on February 8, 1985 against State Savings and Loan Association (“State Savings”), Investment Mortgage International (“IMI”) and J. William Oldenburg. Gibraltar’s complaint charged the defendants with fraud and breach of contract arising from a loan participation agreement entered into by the parties in 1984.

On March 19, 1985, Gibraltar applied for a right to attach order and a writ of attachment or, alternatively, a temporary protective order. The Court granted the plaintiffs request for a protective order. That order prohibited State Savings from transferring any interest in the property covered by the participation agreement and required the defendant bank to segregate those payments from the property’s mortgages and Deeds of Trust. Such payments could not be transferred or made unavailable to levy except as provided by law or other Court order.

On April 12, 1985, the Federal Home Loan Bank Board (“FHLBB”) appointed the Federal…