Bank of America, N.A., v. Veluchamy

After the the defendants defaulted on $39 million in loans the bank began post-judgment enforcement proceedings. Defendants were "sluggish" in responding to citations and the bank learned that they had transferred about $20 million to accounts in India. The district court ordered defendants to surrender their passports pending return of the funds. The Seventh Circuit affirmed. The district court had the power to impose a minimal seizure on the defendants until they abided by the asset production order or explained why they could not. View "Bank of America, N.A., v. Veluchamy" on Justia Law