Citizens Bank of Ashburn v. Shingler

Sognier, Judge.

Judgment debtor Martha Shingler traversed a garnishment proceeding instituted by the Citizens Bank of Ashburn against Great Southern Federal on the basis that the accounts in garnishee’s possession were individual retirement accounts exempt from garnishment pursuant to OCGA § 18-4-22. The trial court sustained Shingler’s traverse and Citizens Bank appeals.

The Congress, in establishing individual retirement accounts, 26 USC § 408 (a), under the umbrella of the comprehensive Employee Retirement Income Security Act of 1974 (ERISA), Pub. L. 93-406, 88 Stat. 829, provided that there…