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JERSEY STATE BANK v. U.S.

Nos. 90-1522, 90-1730.

926 F.2d 621 (1991)

JERSEY STATE BANK, Plaintiff-Appellee, Cross-Appellant, v. UNITED STATES of America, Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided February 21, 1991.

Attorney(s) appearing for the Case

Lee W. Barron, William H. Strang, Jerseyville, Ill., for plaintiff-appellee, cross-appellant.

Richard M. Prendergast, Charles M. Green, Dept. of Justice, Tax Div., Washington, D.C., Frederick J. Hess, U.S. Atty., Robert L. Simpkins, Asst. U.S. Atty., East St. Louis, Ill., Gary R. Allen, Murray S. Horwitz, Robert L. Baker, William S. Estabrook, Dept. of Justice, Tax Div., Appellate Section, Washington, D.C., for defendant-appellant, cross-appellee.

Before CUMMINGS, POSNER, and KANNE, Circuit Judges.

POSNER, Circuit Judge.

The Internal Revenue Service, having assessed (demanded) taxes due from Marion Price, served a notice of levy on the Jersey State Bank, in which Price had a demand deposit account — a notice, in other words, that the Service intended to seize the account in order to collect the assessment. 26 U.S.C. § 6331. Price had borrowed money from the bank for his business in exchange for a note that not only promised to repay the loan but...

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