Smith v. Powder Mountain, LLC

2011 WL 2457906 (2011)

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Smith v. Powder Mountain, LLC

United States District Court for the Southern District of Florida
2011 WL 2457906 (2011)

Facts

A federal district court presided over litigation between Arthur Smith and Powder Mountain, LLC. This primary dispute spawned a secondary dispute in which neither Smith nor Powder Mountain was involved. In the secondary dispute, the court awarded judgment for FDB II Associates, LP (FDB) (plaintiff) and against Arnold Mullen (defendant). Mullen was also the target of a state-court lawsuit filed by PFP Asset Recovery LLC (PFP). In that case, the state court entered judgment for PFP and ordered Mullen to turn over his Fidelity Investments (Fidelity) securities accounts. On June 30, 2010, Fidelity indicated it was willing to transfer Mullen’s accounts to PFP provided that PFP and Fidelity could resolve one essential detail of the transfer. That detail remained unresolved when, on July 1, 2010, FDB perfected its own security interest in Mullen’s accounts by serving Fidelity with writs garnishing those accounts. FDB instigated federal-court proceedings to determine the respective priority of FDB’s and PFP’s claims to the accounts. PFP argued for priority based on Fidelity’s June 30 expression of willingness to transfer the accounts to PFP.

Rule of Law

Issue

Holding and Reasoning (Hurley, J.)

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