Century Bank of Georgia appeals from the entry of an injunction requiring it to pay $215,470.81 into the registry of the Superior Court of Gordon County, contending that the injunction was not authorized because any party with a potential claim against Century Bank has an adequate remedy at law. For the reasons that follow, we reverse. Although the issue raised on appeal primarily concerns Century Bank and Bank of America, N.A. “Bank of America”, some additional facts involving other entities are useful to place the current appeal in its proper context. By way of background, the record reveals that Justin Dodge-Chrysler-Jeep, LLC “Justin Dodge” is a debtor of Bank of America, and that Justin Dodge held certain monies in Century Bank bank accounts. Justin Dodge entered into certain consent orders with Bank of America —orders issued by the Superior Court of Gordon County —that purportedly granted a Bank of America subsidiary1 the authority to take control of Justin Dodge’s assets. Although Century Bank was not a party to any of the litigation between Justin Dodge and Bank of America, Century Bank placed a hold on Justin Dodge’s Century Bank accounts after it received notice of one of the court orders that allowed Bank of America to control Justin Dodge’s assets. On November 13, 2008, the Gordon County Superior Court issued an order stating that Bank of America was allowed to withdraw all monies held in Justin Dodge’s Century Bank accounts. Again, however, Century Bank was not a party to the proceedings that led to the issuance of this order.
Meanwhile, Century Bank had an independent lending relationship with Justin Dodge. Justin Dodge was a guarantor for a loan that Century Bank had extended to Hacias Holdings, LLC.2 Under the loan agreement, Justin Dodge would be in default under the agreement if it declared bankruptcy, was insolvent, or failed to make a scheduled payment. At the time that the Gordon County Superior Court issued its November 13, 2008 order in the Justin Dodge/Bank of America litigation, Justin Dodge had declared bankruptcy, was insolvent, and was late on its November payment under its loan agreement with Century Bank. When Bank of America presented the November 13 order to Century Bank that allegedly gave Bank of America control of all of the assets in Justin Dodge’s Century Bank accounts, Century Bank decided to set off the guaranteed debt that Justin Dodge owed to it $215,470.81 by transferring to itself that portion of the money from the accounts.
