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 The Massachusetts Assignment of Money Judgment is a legal process that allows a party, known as the judgment creditor, to transfer their right to collect a money judgment to another individual or entity, known as the assignee. This assignment of the judgment transfers the responsibility of enforcing the judgment and collecting the assigned amount to the assignee. In Massachusetts, there are two main types of Assignment of Money Judgment: absolute assignment and conditional assignment. 1. Absolute Assignment: This type of assignment is the most common and straightforward. The judgment creditor transfers their rights to the assignee without any conditions or limitations. Once the assignment is complete, the assignee assumes full responsibility for enforcing and collecting the judgment amount from the judgment debtor. 2. Conditional Assignment: This type of assignment comes with certain conditions or limitations imposed by the judgment creditor. These conditions may include specific instructions regarding the collection process, obligations of the assignee, or limitations on the assignee's authority to enforce the judgment. Conditional assignments are generally less common but can be used to protect the interests of the judgment creditor. The Assignment of Money Judgment process in Massachusetts involves several steps. Firstly, the judgment creditor must draft and execute a written assignment agreement, clearly stating the assignment terms, rights, and obligations of both parties involved. This agreement must be notarized for it to be legally valid. Once the assignment agreement is complete, the judgment creditor files a copy of the agreement with the Massachusetts court that issued the original judgment. The court will then update its records, reflecting the change in the judgment creditor, and provide the assignee with a payment assignment notice. The assignee, upon receiving the payment assignment notice, becomes responsible for executing the collection of the money judgment. They can utilize various legal methods to enforce the judgment, such as wage garnishment, bank account levies, or property liens, to collect the assigned amount from the judgment debtor. It is important to note that the assignee does not have the power to modify the original judgment or increase the amount assigned. They can only enforce and collect the exact amount assigned by the judgment creditor. In summary, the Massachusetts Assignment of Money Judgment is a legal process that allows the transfer of the right to collect a money judgment from a judgment creditor to an assignee. This transfer can be absolute or conditional, and the assignee assumes the responsibility for enforcing and collecting the assigned amount from the judgment debtor.
The Massachusetts Assignment of Money Judgment is a legal process that allows a party, known as the judgment creditor, to transfer their right to collect a money judgment to another individual or entity, known as the assignee. This assignment of the judgment transfers the responsibility of enforcing the judgment and collecting the assigned amount to the assignee. In Massachusetts, there are two main types of Assignment of Money Judgment: absolute assignment and conditional assignment. 1. Absolute Assignment: This type of assignment is the most common and straightforward. The judgment creditor transfers their rights to the assignee without any conditions or limitations. Once the assignment is complete, the assignee assumes full responsibility for enforcing and collecting the judgment amount from the judgment debtor. 2. Conditional Assignment: This type of assignment comes with certain conditions or limitations imposed by the judgment creditor. These conditions may include specific instructions regarding the collection process, obligations of the assignee, or limitations on the assignee's authority to enforce the judgment. Conditional assignments are generally less common but can be used to protect the interests of the judgment creditor. The Assignment of Money Judgment process in Massachusetts involves several steps. Firstly, the judgment creditor must draft and execute a written assignment agreement, clearly stating the assignment terms, rights, and obligations of both parties involved. This agreement must be notarized for it to be legally valid. Once the assignment agreement is complete, the judgment creditor files a copy of the agreement with the Massachusetts court that issued the original judgment. The court will then update its records, reflecting the change in the judgment creditor, and provide the assignee with a payment assignment notice. The assignee, upon receiving the payment assignment notice, becomes responsible for executing the collection of the money judgment. They can utilize various legal methods to enforce the judgment, such as wage garnishment, bank account levies, or property liens, to collect the assigned amount from the judgment debtor. It is important to note that the assignee does not have the power to modify the original judgment or increase the amount assigned. They can only enforce and collect the exact amount assigned by the judgment creditor. In summary, the Massachusetts Assignment of Money Judgment is a legal process that allows the transfer of the right to collect a money judgment from a judgment creditor to an assignee. This transfer can be absolute or conditional, and the assignee assumes the responsibility for enforcing and collecting the assigned amount from the judgment debtor.
