can a creditor attach CD'S?

oops,that is garnishment of a checking account thread.

I am not sure Paul. Maybe DC can stop by to offer some knowledge.

A CD is simply another form of asset (just like a checking account or stocks) -- it can be attached just like any other asset. Excepting that the debtor may be able to exert some exemptions, which may decrease the amount that could be attached.

cool just wanting to know.thanks DC.another thing,if they get an account but they are not the primary holder of the account can that be attached?

It depends how the bank distinguishes "ownership" of the account. If all signers on the account are considered owners, then yes it can still be attached.

Now if someone else was the actual account holder, and the person in question was only listed as a beneficiary, for example, then I don't believe that would be able to be attached.

so they would have to be listed as beneficiary not a holder?okay then that helps alot.thanks again.

The only problem with being listed as a beneficiary, is that there is no legal ownership there -- it is just in case the person dies, then the CD is passed to the beneficiary without having to go through probate.

If the person you're talking about wants to do that, they will have to really trust whoever is going to be the account holder. S/he would basically be putting their money in another person's hands and hoping that person doesn't run off with it; and if they did take the money and run, legally there's nothing the beneficiary could do about it.

Basically if the person want to control & have rights to the CD, then they have to be an account owner -- but that, in turn, leaves it open to attachment by the court.

i did mention the part about putting it in the hands of someone they absolutely trusted.good stuff.thanks again DC.

Great info!!