Accordingly, having concluded that it was no longer possible to restore ownership of the property to Plaintiff, the arbitrator awarded Plaintiff compensatory and punitive damages of around $26 million, as well as the funds on deposit in the two accounts, and attorneys' fees and costs. The Superior Court confirmed the corrected final award and entered judgment for the Plaintiff.
Claiming to have a security interest in the deposit accounts, however, the Claimant Bank sought to intervene in the Plaintiff's action against Defendant Developer, arguing that the funds on deposit were the proceeds of its loan and were therefore covered by its security interest. The trial court denied Claimant Bank's motion to intervene and granted the Plaintiff a writ of possession in the two accounts. The county Sheriff levied the funds several months thereafter. Claimant Bank, having acquired title to the Development Partnership property in the foreclosure action, pursued a deficiency for the amounts still owing on the loan, asserted a third-party claim to the funds in the deposit accounts and petitioned the court for a hearing on the validity of its claim.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
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