Unless otherwise provided by statute, where a levy is made by serving a copy of the execution letter and a notice of levy on a third person, the third person shall comply with Article 5 ‘ Duties and Liabilities of Third Persons Upon Levy ‘ at the time of levy or promptly afterwards.
If, under Section 701.020 of Code of Civil Procedure of California, a third person is required to deliver property to the levying officer or to make payments to the levying officer and the third person fails or refuses to do so without good reason, the third person shall be liable to the lender of the judgment for the lesser amount of whichever of the following:
Also, according to the Law except otherwise ordered by a court on the decision that the lien of the judgment creditor takes precedence over the security interest, where the property levied is subject to a security interest attached prior to the levy, the property or duty shall be subject to enforcement of the security interest without regard to the levy, unless the property is in the custody of the levying officer; however, where appropriate.
If the levying officer is granted custody for an instrument levied and serves the obligor in compliance with the levy under the instrument, the obligor shall make fees to the levying officer as they become due. Fees paid to a person apart from the levying officer do not fulfill the obligor’s obligation to make payments as required by this section if payments are made after notification of the levy has been received by the obligor.
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