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 A West Virginia Assignment of Money Judgment is a legal document that allows a person or a business (the "assignor") who has been awarded a money judgment by a court to transfer their rights to collect the judgment to another party (the "assignee"). This assignment typically occurs when the assignor wants to expedite the collection process or doesn't have the necessary resources to collect the judgment themselves. In West Virginia, there are two types of Assignment of Money Judgment: 1. Absolute Assignment: In an absolute assignment, the assignor transfers all their rights and interests in the judgment to the assignee. This means that the assignee becomes the new owner of the judgment and assumes all responsibility for collecting the owed money. Once the assignment is complete, the assignee has the authority to enforce the judgment, which can involve various methods such as wage garnishment, bank levies, or property liens. 2. Collateral Assignment: In a collateral assignment, the assignor transfers their rights to collect the judgment to the assignee as collateral for a loan or other financial arrangement. This type of assignment is common when the assignor needs immediate funding or wants to secure a debt. The assignee holds the assigned judgment as collateral until the assigned amount, along with any agreed-upon interest, is repaid to the assignee. By utilizing a West Virginia Assignment of Money Judgment, the assignor can effectively delegate the task of collecting the judgment to a more capable or specialized party. This allows the assignor to avoid the complexities and time-consuming efforts involved in collection, while the assignee gains the opportunity to profit from the judgment by enforcing it and collecting the owed funds. Keywords: West Virginia, Assignment of Money Judgment, assignor, assignee, legal document, money judgment, transfer rights, collection process, absolute assignment, collateral assignment, enforce the judgment, wage garnishment, bank levies, property liens, owner of judgment, immediate funding, secure debt, financial arrangement, interest, complexities, time-consuming efforts.
A West Virginia Assignment of Money Judgment is a legal document that allows a person or a business (the "assignor") who has been awarded a money judgment by a court to transfer their rights to collect the judgment to another party (the "assignee"). This assignment typically occurs when the assignor wants to expedite the collection process or doesn't have the necessary resources to collect the judgment themselves. In West Virginia, there are two types of Assignment of Money Judgment: 1. Absolute Assignment: In an absolute assignment, the assignor transfers all their rights and interests in the judgment to the assignee. This means that the assignee becomes the new owner of the judgment and assumes all responsibility for collecting the owed money. Once the assignment is complete, the assignee has the authority to enforce the judgment, which can involve various methods such as wage garnishment, bank levies, or property liens. 2. Collateral Assignment: In a collateral assignment, the assignor transfers their rights to collect the judgment to the assignee as collateral for a loan or other financial arrangement. This type of assignment is common when the assignor needs immediate funding or wants to secure a debt. The assignee holds the assigned judgment as collateral until the assigned amount, along with any agreed-upon interest, is repaid to the assignee. By utilizing a West Virginia Assignment of Money Judgment, the assignor can effectively delegate the task of collecting the judgment to a more capable or specialized party. This allows the assignor to avoid the complexities and time-consuming efforts involved in collection, while the assignee gains the opportunity to profit from the judgment by enforcing it and collecting the owed funds. Keywords: West Virginia, Assignment of Money Judgment, assignor, assignee, legal document, money judgment, transfer rights, collection process, absolute assignment, collateral assignment, enforce the judgment, wage garnishment, bank levies, property liens, owner of judgment, immediate funding, secure debt, financial arrangement, interest, complexities, time-consuming efforts.
