Gregory v. Wells Fargo Bank, N.A. et al

Filing 13

ORDER granting in part and denying in part 10 Motion Regarding Disputed Assets. (See order for details.) Signed by District Judge Martin Reidinger on 10/5/2017. (khm)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
ASHEVILLE DIVISION
CIVIL CASE NO. 1:17-cv-00226-MR

CYNTHIA GAYLE GREGORY,
individually and as Executrix of
the Estate of Raymond J. Savignac,

)
)
)
)
Plaintiff,
)
)
vs.
)
)
WELLS FARGO BANK, NATIONAL
)
ASSOCIATION and WELLS FARGO )
CLEARING SERVICES, LLC,
)
)
Defendants,
)
)
vs.
)
)
CYNTHIA GAYLE GREGORY,
)
individually and as Executrix of
)
the Estate of Raymond J. Savignac, )
CHARLOTTE JEANNINE SAVIGNAC, )
EDWARD BRIGGS SAVIGNAC, and )
CHARLOTTE M. SAVIGNAC,
)
)
Claimants in
)
Interpleader.
)
________________________________ )

ORDER

THIS MATTER is before the Court on the Defendant Wells Fargo
Clearing Services, LLC’s Motion Regarding Disputed Assets [Doc. 10].
The Defendant Wells Fargo Clearing Services, LLC (“WFCS”) has filed
a Counterclaim and Crossclaim for Interpleader with respect to assets in a

brokerage account (Account No. XXXX-1548) (“the Account”), consisting of
30,500 shares of Computer Services Inc. (“CSVI”) stock and $26,982.95 in
cash (as of October 2, 2017). WFCS has grounds for interpleader in that the
competing claims of the Plaintiff, Charlotte Jeannine Savignac, Charlotte
McCabe Savignac, and Edward Briggs Savignac places WFCS at risk of
being exposed to double or multiple liability.
WFCS now moves for an Order directing it to pay into the Court the
amount of cash in the Account at issue in this action and to retain the CSVI
stock pending further Order of the Court. Upon review of the motion, and for
good cause shown, the Court concludes that WFCS should be ordered to
retain and hold all of the assets currently in the Account. Accordingly, the
motion will be granted in part and denied in part.
IT IS, THEREFORE, ORDERED that the Defendant Wells Fargo
Clearing Services, LLC’s Motion Regarding Disputed Assets [Doc. 10] is
GRANTED IN PART and DENIED IN PART as follows:
(1)

WFCS shall maintain a hold on all of the assets in the brokerage
account at issue (Account No. XXXX-1548) and shall not
purchase, sell, reinvest, pay, or transfer any such assets until
otherwise instructed or ordered by the Court;

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(2)

WFCS shall comply with further Orders from the Court regarding
transfer, investment, purchase, sale, or payment of Account
assets, including the transfer or payment of assets to one or
more Claimants in Interpleader; and

(3)

Unless WFCS fails to comply with any such Order from the Court,
WFCS shall not be liable for any market losses, decrease in
value, or other damages arising from the Account’s investment
in CSVI stock or from WFCS’s compliance with any Order or
instructions from the Court relating to the Account’s assets.

IT IS SO ORDERED.
Signed: October 5, 2017

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