Brakemeier v. Wittek

OPINION

NIERENGARTEN, Judge.

Allen and Joyce Brakemeier appeal from a judgment for respondent John Wittek and contend the trial court erred in concluding execution must be returned unsatisfied as a prerequisite for a creditor to bring suit on a debtor’s equitable assets. We affirm.

FACTS

The Brakemeiers, judgment creditors of Howard Padratzik, brought this action against Wittek to collect on a promissory note from Wittek to Padratzik.

On August 10, 1978, Padratzik loaned Wittek $15,000. In return, Wittek gave Padratzik a promissory note for $15,000 (due February 7, 1979); a security agreement; 112…