Moorlach and Rice Win Iowa Supreme Court Appeal for Wells Fargo Equipment Finance
Whitfield & Eddy business and banking attorneys John H. Moorlach and G. Mark Rice won an appeal before the Iowa Supreme Court for Wells Fargo Equipment Finance, Inc.
In Wells Fargo Equipment Finance, Inc., vs. Jason Retterath and Analia Retterath, the Iowa Supreme Court affirmed the Iowa District Court ruling by Judge Richard D. Stochl dismissing the Retterath's petition to vacate a charging order Wells Fargo Equipment Finance, Inc. had obtained against Jason Retterath's membership interests in an Iowa limited liability company.
In an issue of first impression in Iowa, the Iowa Supreme Court held that the intangible property interest in an Iowa limited liability company for purpose of enforcing a charging order is located where the limited liability company was formed. The Iowa Supreme Court further affirmed the District Court dismissal of petition to vacate the charging order because Iowa does not recognize ownership of property by a married couple as tenants in the entireties.
The entire decision is linked below.