Firstmerit Bank, N.A. v. McEnery

Plaintiff bank issued a notice of citation to the defendant to turn over 500 shares of stock to satisfy a money judgment. During the proceedings a third-party irrevocable trust filed an adverse claim as to 200 of the 500 shares, claiming that they were a bona fide purchaser and owned the shares free and clear of the bank’s lien. The trial court granted the bank’s motion for summary judgment and the appellate court affirmed, finding that the bank had perfected its lien and that the trust had constructive notice of the citation prior to the sale of the stock shares. (McDADE and PETERSON, concurring)