Lakewood Credit Union v. Goodrich

¶ 1.

HRUZ, J.

Theodore Goodrich appeals a judgment dismissing his counterclaim alleging Lakewood Credit Union violated federal law when it seized and liquidated his depository accounts containing funds he originally received as social security benefits and applied those funds to the balance due on a loan. Goodrich argues Lakewood was not permitted to take security interests in the accounts in the first instance. He also argues that, in seizing the accounts, Lakewood utilized an impermissible "legal process" from which his social security benefits were exempt. We reject Goodrich's arguments and…