Zimmerling v. Affinity Financial Corp.
Massachusetts Court of Appeals
14 N.E.3d 325 (2014)
- Written by Sean Carroll, JD
Facts
In 2008, Affinity Financial Corporation (defendant) received a $13.5 million loan from BHC Interim Funding II, LP. BHC perfected its security interest. In 2010, William Zimmerling (plaintiff) won a default judgment against Affinity for just under $371,000. Zimmerling brought suit seeking to enforce the judgment. Zimmerling named AARP Financial, Inc., which owed Affinity money, in the suit. The superior court ordered AARP to open and fund an escrow account as security for Zimmerling. BHC intervened in Zimmerling’s lawsuit, asserting its interest in the money owed by AARP. The superior court ruled in favor of BHC, finding that its security interest was superior to Zimmerling. Zimmerling appealed, relying on § 9-332 of the Uniform Commercial Code, which stated that, subject to certain exceptions, “a transferee of funds from a deposit account takes the funds free of a security interest in the deposit account.”
Rule of Law
Issue
Holding and Reasoning (Sullivan, J.)
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