Associates Capital Services Corp. v. Security Pacific National Bank

This appeal is from a judgment of dismissal entered after defendant’s demurrer to plaintiff’s complaint was sustained without leave to amend. It raises the issue of the adequacy of a corporate bond issued by an authorized surety insurer to satisfy the provisions of Code of Civil Procedure section 682a requiring that a writ of execution levied on a joint bank account be accompanied by a “bond” which is “executed by the judgment creditor . . . with two or more sufficient sureties.” We conclude that section 682a, when read in conjunction with Code of Civil Procedure section 1056, permits a levy of execution upon a joint bank account where security is given in the form of a “bond” executed by the authorized insurer alone without the signature of the levying judgment creditor. We therefore reverse the judgment of dismissal which denies plaintiff relief against defendant bank which failed to honor a levy of execution.

Because of the procedural posture of the case at bench, we recite, as the basis of our decision, the facts alleged in plaintiff’s complaint.

Associates Capital Services Corporation obtained a money judgment in the amount of $9,542.07 against Thomas C. Stran.…