PNC Bank, N.A. v. Hoffmann

Illinois Appellate Court
Civil Court
Citation to Discover Assets
Citation
Case Number: 
2015 IL App (2d) 141172
Decision Date: 
Wednesday, July 8, 2015
District: 
2d Dist.
Division/County: 
DuPage Co.
Holding: 
Affirmed.
Justice: 
SPENCE
Plaintiff bank filed suit against Defendant as guarantor of multimillion-dollar loan, and obtained judgment for $10.6 million. Bank issued third-party citations to discover assets, including financial services office where Defendant had an IRA. Court properly denied Defendant's Section 12-1005 motion for damages, as Bank did not "seize" her IRA, as it did not take possession of IRA. Citation to discovery assets informed third party of potential penalties if it transferred or disposed of the judgment debtor's property. Even if IRA were "seized", good-faith exception would apply. (HUDSON and BIRKETT, concurring.)