Execution of a garnishment order

1. The bank to which a garnishment order is addressed executes it immediately after receiving this order or, when this is provided for in the law of the executing Member State, the relevant instruction for the execution of the order.

2. In order to execute the seizure order, the bank seizes the amount specified in the order:

(a) by causing such sum not to be transferred or withdrawn from the account or accounts specified in the garnishment order;

6) where this is provided for in national law, by transferring this amount to a special account for the purposes of attachment.

The final amount of the garnished amount may be subject to the settlement of transactions already pending at the time the bank receives the order or instruction. However, such pending transactions can only be taken into account if they are settled before the bank issues the statement.

3. The bank is permitted, if requested by the debtor, to release seized funds and transfer them to the creditor's account specified in the order for the purposes of satisfying the creditor's claim, if the following conditions are simultaneously met:

a) this permission of the bank is specifically indicated in the order;

(b) the law of the implementing Member State permits such exemption and transfer;

c) there is no conflict of competing orders with respect to the account in question.

4. When the attachment order does not specify the number or numbers of the debtor's bank account or accounts, but only the name and other data relating to the debtor appear, the bank or other entity responsible for the execution of the order shall indicate the account or accounts owned by the debtor in the bank specified in the order.

If the bank or other entity cannot identify the debtor's account with certainty based on the information contained in the order, the bank:

a) receives the number or numbers of the account or accounts from the information authority of the executing Member State, when:

- the order states that this number or these numbers of the account or accounts subject to seizure were obtained by application

- in all other cases does not fulfill the order.

5. All funds held in the account or accounts that exceed the amount specified in the attachment order shall remain unaffected by the execution of the order.

6. When, during the execution of the garnishment order, the funds on the account or accounts are not sufficient to secure the entire amount specified in the order, the order is executed only within the limits of the available amounts on the account or accounts.

7. When the attachment order covers several accounts owned by the debtor in the same bank, and those accounts have funds that exceed the amount specified in the order, the order is executed in the following sequence:

a) savings accounts solely in the name of the debtor;

6) current accounts solely in the name of the debtor;

c) joint savings accounts;

d) joint current accounts.

8. When the funds on the account or accounts are in a currency other than the one in which the garnishment order was issued, the bank recalculates the amount specified in the order to the currency of the funds in relation to the reference exchange rate of the European Central Bank or the exchange rate of the central bank of the executing member state for the sale of this monetary unit on the day and time of execution of the order and freezes the corresponding amount in the monetary unit of the funds.

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Attorney at law Iuila Danova

#3, Dobrotica Str., Varna, Bulgaria

Mob: +359 895 64 59 40

WWW: advokatvarna.com

Email: iulia.danova@abv.bg