Opinion ID: 2422628
Heading Depth: 2
Heading Rank: 3

Heading: Litigation Between DownEast and Davis

Text: [¶ 7] Soon after The First's disclosure, DownEast moved to dissolve or modify the attachment order pursuant to M.R. Civ. P. 4B(j), asserting that as of March 24, 2009, it was the legal owner of the deposit account. The court granted DownEast's motion on June 24, 2009, dissolving the attachment on the deposit account. That same day, however, the clerk issued a writ of execution, commanding The First to satisfy the $101,036 judgment against Worcester. Uncertain as to how to proceed, The First filed a motion seeking clarification regarding the proper disbursement of the funds in the deposit account. [¶ 8] On March 1, 2010, after hearing from both DownEast and Davis, the District Court ruled on The First's motion. [5] The court concluded that, at the time of The First's April 16, 2009, disclosure, Worcester was the owner of the deposit account. The court further determined that because DownEast had failed to perfect its security interest in the account, its interest was subordinate to Davis's interest as a lien creditor. Accordingly, the court ordered The First to distribute the $101,036 held in the account to Davis. [6] This appeal followed.