Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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C

170.0000 COLLECTION OF TAX BY BOARD

Annotation 170.0065

(a) IN GENERAL

170.0065 Priority of Notice of Levy. A Notice of Levy served by the Board to a bank pursuant to section 6703 has priority over the bank's own lien or right to set off, unless the bank has a prior security interest in the funds of the debtor on deposit with the bank. Pursuant to Code of Civil Procedure section 701.040, if the bank can show that the debtor/taxpayer has signed a security agreement prior to the levy, the bank has a security interest in the funds in the account levied upon. In this case, the bank has a right to retain amounts due it on defaulted loans. If the bank does not have such a security agreement, the funds in the levied account must be surrendered. 4/23/93.