A chose in action is essentially a right to sue. It is an intangible personal property right recognized and protected by the law, that has no existence apart from the recognition given by the law, and that confers no present possession of a tangible ob
Arizona Assignment of Money Judgment is a legal process through which a party transfers their rights to collect a financial judgment to another person or entity. This mechanism allows the assignee to step into the shoes of the original judgment creditor and pursue the debt owed by the judgment debtor. The assignee will then have the authority to enforce and collect the judgment through various means, including wage garnishment, asset seizure, or bank account levies. In Arizona, there are two main types of Assignment of Money Judgment: voluntary assignments and involuntary assignments. Voluntary Assignments: A voluntary assignment occurs when a judgment creditor willingly transfers their right to collect a money judgment to another party. This could be done for various reasons, such as financial considerations, time constraints, or a desire to avoid further collection efforts. The assignment is typically accomplished through a written agreement, where the original creditor assigns all rights, title, and interest in the judgment to the assignee, who becomes the new legal owner of the judgment. Involuntary Assignments: An involuntary assignment, also known as an assignment by operation of law, involves the transfer of a judgment from one party to another without the original creditor's consent. This usually happens in situations where the original creditor goes through bankruptcy or if the judgment creditor passes away and their estate needs to distribute the assets. Involuntary assignments are governed by specific legal rules and procedures to ensure a fair and orderly transfer of the judgment. The Arizona Assignment of Money Judgment process requires the parties involved to file the necessary paperwork and documents with the Arizona court where the judgment was originally entered. This typically includes the assignment agreement, a notice to the judgment debtor informing them of the assignment, and any other relevant forms required by the court. Once the assignment is approved and recorded by the court, the assignee will have the legal authority to pursue the collection of the judgment. It is important to note that an assignment does not guarantee the immediate collection of the judgment. The assignee will still need to undertake the necessary collection efforts, navigate any procedural hurdles, and comply with Arizona's debt collection laws and regulations. Additionally, any defenses or counterclaims that the judgment debtor may have can still be raised and considered by the court during the collection process. In summary, an Arizona Assignment of Money Judgment is a legal process that allows a judgment creditor to transfer their rights to collect a financial judgment to another entity. The two main types are voluntary and involuntary assignments, each governed by specific rules and procedures. The assignment does not ensure immediate collection, and the assignee must undertake collection efforts while adhering to applicable laws and regulations.
