Social Security Benefits – Seizure of Depository Accounts

By: Derek Hawkins//September 13, 2016//

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WI Court of Appeals – District III

Case Name: Lakewood Credit Union v. Theodore Goodrich

Case No.: 2015AP320

Officials: Stark, P.J., Hruz and Seidl, JJ.

Focus: Social Security Benefits – Seizure of Depository Accounts

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 affirm.

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Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.

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