Alabama Disputed Accounted Settlement (ADAS) refers to a legal process in Alabama that helps individuals or organizations resolve disputes or disagreements regarding their financial accounts. ADAS is designed to provide a fair and impartial platform to settle these disputes and ensure proper resolution. There are various types of Alabama Disputed Accounted Settlement, each catering to specific circumstances and needs. Some primary categories include: 1. Consumer Disputes: ADAS enables consumers to resolve disputes with creditors, debt collectors, or financial institutions regarding inaccuracies, unauthorized charges, or fraudulent activities in their accounts. This type of settlement aims to protect consumers' rights and ensure a fair outcome for all parties involved. 2. Commercial Disputes: ADAS also facilitates settlements between businesses, helping them resolve financial disputes such as unpaid invoices, breached contracts, or disagreements over financial transactions. It allows businesses to avoid lengthy legal battles and achieve a mutually beneficial resolution. 3. Banking Disputes: ADAS extends its services to banking-related conflicts, including account discrepancies, wrongful fees, unauthorized transactions, or reporting errors. This settlement process strives to resolve disputes between customers and banks while upholding industry regulations and protecting the rights of both parties. 4. Investment Disputes: ADAS assists in resolving conflicts between investors and financial advisors, brokerage firms, or investment companies. These disputes can arise from misrepresentation, fraud, unsuitable investment recommendations, or breach of fiduciary duty. ADAS ensures transparency and fairness while seeking a resolution that benefits all parties involved. 5. Insurance Disputes: This category of ADAS helps policyholders settle disputes with insurance companies regarding claims denials, underpayment, coverage disputes, or delays in claim settlements. ADAS ensures policyholders' rights are protected and aims to provide a fair resolution according to insurance policies and state regulations. By seeking an Alabama Disputed Accounted Settlement, individuals or organizations can avoid costly litigation processes while benefiting from a neutral and expert-driven resolution that upholds the principles of fairness and equity in financial matters.
Alabama Disputed Accounted Settlement
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Collection suits are generally based on breach of contract or stated account, both of which fall under the six (6) year statute of limitations provided in Alabama Code Section 6-2-34. Actions for open or unliquidated account must be brought within three years.
If the defendant owns real property, you can enforce your judgment by levying and executing on the property. That is, the property will be sold at the courthouse to settle your claim. You may also execute on personal property.
In Alabama, a creditor can place a judgment lien on your real property (or your personal property or vehicle) in order to collect the judgment, and it will remain attached to your real property for 10 years, even if you sell the property.
In Alabama, money judgements last up to 20 years (Ala. Code § 6-9-190). But judgments are generally only enforceable for 10 years (Ala. Code § 6-9-191), and then they're renewed for another 10 years if the judgment debtor still hasn't paid the debt.
It will stay attached for 10 years, even if the property is transferred to someone else. At the end of that period, the judgment can be revived and a new lien created for another 10 years (or a total of 20 years from the date of the judgment).
A judgment cannot be revived after 20 years. Ala. Code § 6-9-190. Judgments are valid until satisfied or discharged; however, when a period of five years lapses, the judgment holder must file a motion with the court and prove sufficient cause for failure to obtain a writ of execution.
In Alabama, a creditor can place a judgment lien on your real property (or your personal property or vehicle) in order to collect the judgment, and it will remain attached to your real property for 10 years, even if you sell the property.