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 Kings New York Assignment of Money Judgment is a legal process that allows parties to transfer the right to collect a debt or monetary judgment to another individual or entity. This assignment is particularly applicable to cases within the jurisdiction of Kings County, New York. It involves the assignment of a money judgment to a third party, giving them the authority to enforce and collect the owed amount on behalf of the original creditor. In Kings County, there are several types of Assignment of Money Judgment that can occur, each with their own specific characteristics and requirements. Some of these types include: 1. Voluntary Assignment: This type of assignment occurs when the original creditor voluntarily transfers their right to collect the judgment to another party. It is typically done in cases where the original creditor prefers to monetize the judgment and transfer the risk and workload of collection to a more experienced party. 2. Involuntary Assignment: Unlike voluntary assignments, involuntary assignments of money judgment occur when a court orders the transfer of the judgment to a third party. This may happen in scenarios where the original creditor fails to collect the judgment within a specified timeframe, or due to legal reasons that may require the transfer to a different entity. 3. Purchase of Judgment: In some instances, individuals or organizations may purchase a money judgment from the original creditor. This type of assignment involves a financial transaction where the purchaser buys the right to collect the judgment at a discounted rate, assuming the risk and potential reward of the collection process. 4. Assignment for Collection: This type of assignment occurs when the original creditor hires a collection agency or an attorney to handle the collection of the money judgment. The assigned party represents the interests of the original creditor and does not involve any transfer of ownership or rights to the judgment. It is important to note that the process and requirements for Kings New York Assignment of Money Judgment may vary depending on the specific circumstances and the court's jurisdiction. Seeking the guidance of legal professionals familiar with the Kings County rules and regulations is highly advised to ensure a smooth and legally compliant assignment process.
The Kings New York Assignment of Money Judgment is a legal process that allows parties to transfer the right to collect a debt or monetary judgment to another individual or entity. This assignment is particularly applicable to cases within the jurisdiction of Kings County, New York. It involves the assignment of a money judgment to a third party, giving them the authority to enforce and collect the owed amount on behalf of the original creditor. In Kings County, there are several types of Assignment of Money Judgment that can occur, each with their own specific characteristics and requirements. Some of these types include: 1. Voluntary Assignment: This type of assignment occurs when the original creditor voluntarily transfers their right to collect the judgment to another party. It is typically done in cases where the original creditor prefers to monetize the judgment and transfer the risk and workload of collection to a more experienced party. 2. Involuntary Assignment: Unlike voluntary assignments, involuntary assignments of money judgment occur when a court orders the transfer of the judgment to a third party. This may happen in scenarios where the original creditor fails to collect the judgment within a specified timeframe, or due to legal reasons that may require the transfer to a different entity. 3. Purchase of Judgment: In some instances, individuals or organizations may purchase a money judgment from the original creditor. This type of assignment involves a financial transaction where the purchaser buys the right to collect the judgment at a discounted rate, assuming the risk and potential reward of the collection process. 4. Assignment for Collection: This type of assignment occurs when the original creditor hires a collection agency or an attorney to handle the collection of the money judgment. The assigned party represents the interests of the original creditor and does not involve any transfer of ownership or rights to the judgment. It is important to note that the process and requirements for Kings New York Assignment of Money Judgment may vary depending on the specific circumstances and the court's jurisdiction. Seeking the guidance of legal professionals familiar with the Kings County rules and regulations is highly advised to ensure a smooth and legally compliant assignment process.
