Iser Electric Co. v. Ingran Construction Co.

Mr. PRESIDING JUSTICE RECHENMACHER

delivered the opinion of the court:

This appeal arises out of a garnishment action and involves a dispute as to who has prior claim to funds in a savings account — the assignee of the account or the judgment creditor who garnished the account.

In February 1974, Ingran Construction Company (the debtor in the garnishment proceeding) executed a judgment note in favor of Iser Electric Company (the garnishing creditor here) for *50,000. The note was guaranteed by Anthony Jaconetti, Ingran’s president. It was not paid when due and judgment by confession was entered on…