JBK Assocs., Inc. v. Sill Bros., Inc.
After obtaining a final judgment against Patrick Sill, JBK Associates, Inc. served garnishment writs on Wells Fargo Advisors, LLC in order to collect on the judgment from Sill’s bank account. Sill filed a motion to dissolve the garnishment writ on the grounds that the funds in that account were entitled to homestead protection. The account contained the sale proceeds from Sill’s home. Sill then purchased securities with a portion of the money. The trial court granted Sill’s motion. The Fourth District Court of Appeal affirmed, concluding that the use of the proceeds was not inconsistent with the purposes of Arizona’s homestead exemption. The Supreme Court affirmed, holding that because Sill manifested his intent to reinvest the sale proceeds into a new homestead, Sill’s actions did not eliminate his homestead protection. View "JBK Assocs., Inc. v. Sill Bros., Inc." on Justia Law