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
Title: Understanding Colorado Assignment of Money Judgment: Exploring Types and Legal Framework Introduction: Colorado Assignment of Money Judgment refers to a legal process wherein a party transfers its right to collect a monetary judgment to another party. This allows the assignee to step into the shoes of the original judgment creditor and enforce the judgment against the debtor. This article provides a comprehensive overview of the Colorado Assignment of Money Judgment, exploring its types and legal framework. Key Concepts: 1. Assignment of Money Judgment: An assignment of a money judgment is a legal tool that allows a judgment creditor to transfer the judgment to someone else. The assignee, after receiving the assignment, gains the right to collect the debt owed by the judgment debtor. 2. Colorado Revised Statutes (C.R.S.): The Colorado Revised Statutes outline the rules and regulations governing the assignment of money judgments in Colorado. C.R.S. § 13-52-102 to C.R.S. § 13-52-110 specifically cover the assignment process. Types of Colorado Assignment of Money Judgment: 1. Absolute Assignment: An absolute assignment transfers the judgment creditor's entire interest in the judgment to the assignee. The assignee assumes complete ownership and control over the judgment and is responsible for its enforcement and collection. 2. Partial Assignment: In a partial assignment, the judgment creditor transfers a portion of the judgment to the assignee, while retaining another portion for themselves. This allows for a partial transfer of rights and responsibilities related to the judgment. 3. Collateral Assignment: If a judgment creditor uses the assigned judgment as collateral for a loan, it is known as a collateral assignment. The judgment serves as security for the creditor's debt, offering assurance to the lender. Procedure for Colorado Assignment of Money Judgment: 1. Assignment Document: The assignment must be in writing and should be signed by the judgment creditor. It should include details such as the parties involved, the assigned judgment amount, and any terms or conditions of the assignment. 2. Notice to Judgment Debtor: The assignee must notify the judgment debtor about the assignment. This is usually done by sending a written notice via certified mail or personal service, informing the debtor of the new party responsible for collecting the judgment. 3. Filed and Recorded Assignment: To protect the assignee's rights, the assignment document should be filed with the court that issued the original judgment and recorded with the county's recording office. Proper filing ensures the assignment is legally recognized and publicly accessible. 4. Enforcement of Judgment: Once the assignment is complete, the assignee gains the right to enforce the judgment. This includes various enforcement methods, such as wage garnishment, bank account levy, and property liens, to collect the amount owed by the judgment debtor. Conclusion: Colorado Assignment of Money Judgment is a legal process through which a judgment creditor can transfer their rights to another party. Whether as an absolute assignment, partial assignment, or collateral assignment, this mechanism allows creditors to monetize their judgments and assign responsibility for collection to another party. By understanding the types and following the legal procedures outlined in the Colorado Revised Statutes, both judgment creditors and assignees can navigate this process effectively.
Title: Understanding Colorado Assignment of Money Judgment: Exploring Types and Legal Framework Introduction: Colorado Assignment of Money Judgment refers to a legal process wherein a party transfers its right to collect a monetary judgment to another party. This allows the assignee to step into the shoes of the original judgment creditor and enforce the judgment against the debtor. This article provides a comprehensive overview of the Colorado Assignment of Money Judgment, exploring its types and legal framework. Key Concepts: 1. Assignment of Money Judgment: An assignment of a money judgment is a legal tool that allows a judgment creditor to transfer the judgment to someone else. The assignee, after receiving the assignment, gains the right to collect the debt owed by the judgment debtor. 2. Colorado Revised Statutes (C.R.S.): The Colorado Revised Statutes outline the rules and regulations governing the assignment of money judgments in Colorado. C.R.S. § 13-52-102 to C.R.S. § 13-52-110 specifically cover the assignment process. Types of Colorado Assignment of Money Judgment: 1. Absolute Assignment: An absolute assignment transfers the judgment creditor's entire interest in the judgment to the assignee. The assignee assumes complete ownership and control over the judgment and is responsible for its enforcement and collection. 2. Partial Assignment: In a partial assignment, the judgment creditor transfers a portion of the judgment to the assignee, while retaining another portion for themselves. This allows for a partial transfer of rights and responsibilities related to the judgment. 3. Collateral Assignment: If a judgment creditor uses the assigned judgment as collateral for a loan, it is known as a collateral assignment. The judgment serves as security for the creditor's debt, offering assurance to the lender. Procedure for Colorado Assignment of Money Judgment: 1. Assignment Document: The assignment must be in writing and should be signed by the judgment creditor. It should include details such as the parties involved, the assigned judgment amount, and any terms or conditions of the assignment. 2. Notice to Judgment Debtor: The assignee must notify the judgment debtor about the assignment. This is usually done by sending a written notice via certified mail or personal service, informing the debtor of the new party responsible for collecting the judgment. 3. Filed and Recorded Assignment: To protect the assignee's rights, the assignment document should be filed with the court that issued the original judgment and recorded with the county's recording office. Proper filing ensures the assignment is legally recognized and publicly accessible. 4. Enforcement of Judgment: Once the assignment is complete, the assignee gains the right to enforce the judgment. This includes various enforcement methods, such as wage garnishment, bank account levy, and property liens, to collect the amount owed by the judgment debtor. Conclusion: Colorado Assignment of Money Judgment is a legal process through which a judgment creditor can transfer their rights to another party. Whether as an absolute assignment, partial assignment, or collateral assignment, this mechanism allows creditors to monetize their judgments and assign responsibility for collection to another party. By understanding the types and following the legal procedures outlined in the Colorado Revised Statutes, both judgment creditors and assignees can navigate this process effectively.
