Chapter 551 of Minnesota Statutes allows collection counsel to levy on money, other personal property, and earnings by using a quick alternative to a formal writ of execution through the sheriff’s office or a formal garnishment procedure. Notice of execution levy on a third-party holding money of the debtor is served by certified mail by collection counsel, along with two copies of an exemption notice if debtor is an individual. The maximum amount that can be levied upon in the possession of a particular third party is $10,000. There is an affirmative duty imposed by Minnesota Statutes, section 551.04(6) on a third-party holding money to immediately remit funds to collection counsel who served the notice of execution levy and copy of the writ of execution, if the debtor is a corporation, or 15 days after the third-party mails the exemption notice to debtor (assuming no exemption is claimed, and assuming the levy is neither upon funds on a financial institution, nor earnings).
Seminar Article By: John A. Halpern
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