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February 18, 2007
Securing property judgments - In re Marriage of Keener
Last week's Iowa Supreme Court opinion of In re Marriage of Keener, contains a good summary of the use of judgment liens and other security devices in equitable distribution case involving business property and closely-held business entities. During their 10 year marriage, the couple accumulated a business with assets of over ten million dollars, but kept all the business assets in wife's name to protect them from creditors. The trial court ordered that the wife receive the business assets but that she make installment payments to her ex-husband for the property settlement equalization. Each payment became a judgment when due. The court granted the husband an equitable lien on the company to secure these payments. The Iowa Supreme Court found this approach left the husband with insufficient security against the future payments. First, a judgment for the entire amount should have been issued, with an allowance of periodic payments, so that a judgment lien would attach to the business's real property. Second, interest on the unpaid amount should accrue. Third, the "equitable" lien was eliminated and replaced with a judgment lien and a UCC lien against the company stock.
Posted on February 18, 2007 in Property Distribution | Permalink
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Main
| Questions To Ask Before Saying "I Do" »
February 18, 2007
Securing property judgments - In re Marriage of Keener
Last week's Iowa Supreme Court opinion of In re Marriage of Keener, contains a good summary of the use of judgment liens and other security devices in equitable distribution case involving business property and closely-held business entities. During their 10 year marriage, the couple accumulated a business with assets of over ten million dollars, but kept all the business assets in wife's name to protect them from creditors. The trial court ordered that the wife receive the business assets but that she make installment payments to her ex-husband for the property settlement equalization. Each payment became a judgment when due. The court granted the husband an equitable lien on the company to secure these payments. The Iowa Supreme Court found this approach left the husband with insufficient security against the future payments. First, a judgment for the entire amount should have been issued, with an allowance of periodic payments, so that a judgment lien would attach to the business's real property. Second, interest on the unpaid amount should accrue. Third, the "equitable" lien was eliminated and replaced with a judgment lien and a UCC lien against the company stock.
Posted on February 18, 2007 in Property Distribution | Permalink
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Listed below are links to weblogs that reference Securing property judgments - In re Marriage of Keener:
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