mass levying of (bank) accounts
Explanation:
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance,
We could seize and sell property that you hold (such as your car, boat, or house), or
We could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
Example sentence(s):- Finally, the creditor may know where you bank and will issue a levying order to your financial institution. This process varies from state to state, but in general, a creditor can levy your account down to zero.
Reference: http://www.irs.gov/businesses/small/article/0,,id=108341,00....
Reference: http://www.bankrate.com/brm/news/bankruptcy/20061114_garnish...
| Krasimira Kalcheva
United States
Local time: 18:12
Specializes in field
Native speaker of:  Bulgarian
PRO pts in category: 8
|
|
The translation workplace 
peer agreement (net): +6