Unless otherwise provided by statute or the third person has good cause for failure or refusal to do so, the third person shall at the time of levy or promptly thereafter deliver to the levying officer any of the property levied upon that is in the possession or under the control of the third person at the time of levy unless the third person claims the right to possession of the property. (CCP 701.010)
A third person who is required to deliver property or make payments to the levying officer and who, without good cause, fails or refuses to do so, is liable to the judgment creditor for the value of the judgment debtor’s interest in the property, or the amount of the payments required to be made up to the amount required to satisfy the levy. (CCP 701.020)