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 Chicago, Illinois Assignment of Money Judgment: A Comprehensive Overview In Chicago, Illinois, the Assignment of Money Judgment is a legal process that enables the transfer of rights to a monetary judgment from one party, known as the assignor, to another party, known as the assignee. This assignment allows the assignee to collect the funds owed by the judgment debtor, enforcing the court's decision. Keywords: Assignment of Money Judgment, Chicago Illinois, legal process, transfer of rights, monetary judgment, assignor, assignee, judgment debtor, court decision. Types of Chicago, Illinois Assignment of Money Judgment: 1. Voluntary Assignment: A voluntary assignment of money judgment occurs when the assignor willingly transfers their rights to the assignee. This type of assignment is usually done to forgo collection efforts and expedite the payment process, as it empowers the assignee to take legal action and collect the debt on behalf of the assignor. 2. Involuntary Assignment: An involuntary assignment of money judgment happens when the court orders the transfer of the assigned judgment to another party. Common scenarios leading to involuntary assignment include bankruptcy proceedings, probate cases, and certain contract disputes. 3. Absolute Assignment: An absolute assignment of money judgment refers to the complete and permanent transfer of the assignor's rights to the assignee. Once the assignment is executed, the assignee assumes full ownership of the judgment and can proceed with collection efforts. 4. Conditional Assignment: A conditional assignment of money judgment involves certain specified conditions that the assignor and assignee agree upon before executing the transfer. These conditions may include contingent payments, installment plans, or the use of specific collection methods. 5. Partial Assignment: A partial assignment of money judgment occurs when only a portion of the judgment is transferred to the assignee. This type of assignment is typically done when the assignor wishes to retain some rights to the judgment or when multiple creditors are involved in the collection process. 6. Assignment for Value: An assignment for value of money judgment takes place when the assignor transfers the judgment rights in exchange for consideration or compensation. The assignee pays the assignor a predetermined amount, either upfront or upon successful collection of the judgment. 7. Memorandum of Assignment: A memorandum of assignment is a legal document that records the details of the assignment of money judgment. It serves as evidence and helps legitimize the transfer, protecting the rights of both the assignor and assignee. In conclusion, the Chicago, Illinois Assignment of Money Judgment encompasses various types, including voluntary and involuntary assignments, absolute and conditional assignments, partial assignments, assignments for value, and the use of a memorandum of assignment. This legal process allows for the transfer of rights to enforce a monetary judgment, aiding in the efficient collection of owed funds.
Chicago, Illinois Assignment of Money Judgment: A Comprehensive Overview In Chicago, Illinois, the Assignment of Money Judgment is a legal process that enables the transfer of rights to a monetary judgment from one party, known as the assignor, to another party, known as the assignee. This assignment allows the assignee to collect the funds owed by the judgment debtor, enforcing the court's decision. Keywords: Assignment of Money Judgment, Chicago Illinois, legal process, transfer of rights, monetary judgment, assignor, assignee, judgment debtor, court decision. Types of Chicago, Illinois Assignment of Money Judgment: 1. Voluntary Assignment: A voluntary assignment of money judgment occurs when the assignor willingly transfers their rights to the assignee. This type of assignment is usually done to forgo collection efforts and expedite the payment process, as it empowers the assignee to take legal action and collect the debt on behalf of the assignor. 2. Involuntary Assignment: An involuntary assignment of money judgment happens when the court orders the transfer of the assigned judgment to another party. Common scenarios leading to involuntary assignment include bankruptcy proceedings, probate cases, and certain contract disputes. 3. Absolute Assignment: An absolute assignment of money judgment refers to the complete and permanent transfer of the assignor's rights to the assignee. Once the assignment is executed, the assignee assumes full ownership of the judgment and can proceed with collection efforts. 4. Conditional Assignment: A conditional assignment of money judgment involves certain specified conditions that the assignor and assignee agree upon before executing the transfer. These conditions may include contingent payments, installment plans, or the use of specific collection methods. 5. Partial Assignment: A partial assignment of money judgment occurs when only a portion of the judgment is transferred to the assignee. This type of assignment is typically done when the assignor wishes to retain some rights to the judgment or when multiple creditors are involved in the collection process. 6. Assignment for Value: An assignment for value of money judgment takes place when the assignor transfers the judgment rights in exchange for consideration or compensation. The assignee pays the assignor a predetermined amount, either upfront or upon successful collection of the judgment. 7. Memorandum of Assignment: A memorandum of assignment is a legal document that records the details of the assignment of money judgment. It serves as evidence and helps legitimize the transfer, protecting the rights of both the assignor and assignee. In conclusion, the Chicago, Illinois Assignment of Money Judgment encompasses various types, including voluntary and involuntary assignments, absolute and conditional assignments, partial assignments, assignments for value, and the use of a memorandum of assignment. This legal process allows for the transfer of rights to enforce a monetary judgment, aiding in the efficient collection of owed funds.
