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  1. #1
    Join Date
    Mar 2009
    Location
    Key West, FL
    Posts
    2,350

    Default Can An Asset Be Taken More Than Once

    My question involves judgment recovery in the State of: Florida

    A friend asked me to post this.

    A creditor takes the stock in his closed corporation and the sheriff auctions it off. It has no real value to anyone else, and the creditor buys it back. After buying it at a Sheriff's auction can that creditor seize the same stock again in the future, or can another creditor come along and seize the property that was already seized, auctioned off and bought back?

    Second question. If the creditor selects some share certificates to keep under his 5k Florida exemptions, how is the value figured for that purpose? There is no real income, but there is some personal property. Is it figured on book value, par value or some other basis?

    Thanks.


    Personally have never read any case law on anything like this or any commentary.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: Can An Asset Be Taken More Than Once

    If the creditor bought the stock at auction, the creditor owns the stock. Or did you misspeak?

    If you meant that the debtor buys the stock at auction and it continues to be a non-exempt asset, then of course it would be again subject to attachment.

    Prior to the seizure and sale of the shares, if the parties cannot agree on a value in relation to a claimed exemption they can duke it out in court. Par value? Dream on. There are many ways to value a close corporation; par value isn't one of them. After the auction and repurchase, although the creditor may again dispute the claimed value, it would be reasonable to assert that the public auction established fair market value for the shares.

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