Pennsylvania Assignment of Judgment refers to the legal process in which the right to collect on a court-awarded judgment is transferred or assigned from the original judgment holder (the assignor) to another party (the assignee). This assignment allows the assignee to pursue collection actions and attempt to recover the amount owed by the judgment debtor. In Pennsylvania, there are primarily two types of Assignment of Judgment: 1. Absolute Assignment of Judgment: This type of assignment involves a complete transfer of all rights, title, and interest in the judgment to the assignee. The original judgment holder relinquishes all control and ownership over the judgment amount and allows the assignee to take over the collection process. Once the absolute assignment takes place, the assignor no longer has any claim or involvement in the judgment collection. 2. Collateral Assignment of Judgment: In a collateral assignment, the assignor transfers a portion of the judgment proceeds to the assignee as security for a debt or obligation. It allows the assignor to retain some interest in the judgment, as the assignee has a claim only to the specified portion of the proceeds. Collateral assignments are often used in situations where the assignor owes a debt to the assignee, and the assignee seeks assurance of repayment. Alternatively, an assignment of judgment can also be categorized based on the nature of the judgment being assigned, such as: 1. Money Judgment Assignment: This type of assignment involves the transfer of a judgment where the court has awarded the payment of a specific amount of money to the judgment creditor. The assignee becomes the new rightful creditor and pursues collection actions to recover the debt owed. 2. Judgment Lien Assignment: In cases where the court has granted a judgment lien against the judgment debtor's property, this type of assignment transfers the rights of the judgment lien to the assignee. The assignee then gains the authority to enforce the lien and pursue foreclosure or sale of the debtor's property to satisfy the judgment amount. In summary, Pennsylvania Assignment of Judgment is the process of transferring the rights to collect on a court-awarded judgment from the original judgment holder to another party. The two primary types of assignments include absolute assignment and collateral assignment. Additionally, assignments can be categorized based on the nature of the judgment, such as money judgment and judgment lien assignments.
Pennsylvania Assignment of Judgment
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FAQ
The creditor can often place a lien on your property, such as a house or car. The lien must usually be paid off before you can sell the property. Seize assets. Sometimes, a creditor can get a court order to seize other assets or personal property you own, such as a vehicle or real estate, to satisfy the debt.
Money judgments automatically expire (run out) after 10 years. To prevent this from happening, you as the judgment creditor must file a request for renewal of the judgment with the court BEFORE the 10 years run out.
In Pennsylvania, there are certain requirements for reviving a judgment in order to ensure that you do not lose your rights as a judgment holder. A judgment issued by a Magisterial District Justice or MDJ expires after 5 years if nothing is done.
Most debt collection cases stem from a breach of a written or oral agreement or contract. The statute of limitations for breach of contracts in Pennsylvania is 4 years from when the party knew, had reason to know or should have known of the breach.
Yes, when a creditor obtains a judgment, the judgment becomes a lien on your real property located in the county where the judgment was issued. The creditor can transfer the judgment to any county where the debtor has property. Judgment liens on real property stay in place until they are paid or otherwise released.
Pennsylvania judgments are valid for 5 years. Judgments can be revived every 5 years and should be revived if a creditor is attempting to actively collect on the debt. Judgments also act as a lien against real property for up to 20 years or longer if properly revived.
Transfer of a Judgment From Another Pennsylvania County File a certified copy of the docket entries that include a certification of the amount of the judgment and Rule 236 form. Include a complete copy of the judgment with a Rule 236 form for each debtor.
Confession is permitted for a judgment for money under Rules 2950-2967, as long as confession is authorized in writing, the underlying transaction is not a consumer credit transaction, and the instrument is less than 20 years old.
