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 Wake North Carolina Assignment of Money Judgment is a legal process that involves the transfer of rights to collect a money judgment from one party to another. When a plaintiff or creditor successfully obtains a money judgment against a defendant or debtor in Wake County, North Carolina, they have the option to transfer their rights to collect the judgment to another individual or entity through an assignment. This assignment allows the creditor to transfer the responsibility of enforcing the judgment and collecting the owed amount to a third party, often referred to as the assignee. The assignee can be a collection agency, an attorney, or any other person or entity capable of effectively pursuing the debt. There are various types of Wake North Carolina Assignment of Money Judgment, each designed to suit different situations. Some common types include: 1. Voluntary Assignment: This type of assignment occurs when the creditor willingly transfers their rights to collect the money judgment to a third party. It is usually done to expedite the debt recovery process or when the original creditor lacks the resources or expertise to pursue the judgment. 2. Involuntary Assignment: In some cases, the court may initiate an involuntary assignment of a money judgment. This occurs when the court determines that the original creditor is incapable of effectively enforcing the judgment. The court appoints a receiver or assigns the judgment to someone who has demonstrated the capability to collect the owed amount. 3. Partial Assignment: A partial assignment involves transferring only a portion of the money judgment to another party. This is often chosen when the creditor wants to divide the responsibility of collecting the judgment among multiple assignees or when there is more than one creditor entitled to the judgment amount. 4. Absolute Assignment: An absolute assignment assigns the complete rights to collect the money judgment to another individual or entity. Once the assignment is made, the assignee assumes full responsibility for pursuing the debtor and collecting the debt. This type of assignment is commonly employed when the original creditor desires a clean break from the debt, or when they have sold the debt to a debt buyer. In Wake North Carolina, an Assignment of Money Judgment is a legal tool often utilized to ensure the successful collection of owed debts. By transferring the rights to collect the money judgment to a third party, the original creditor can expedite the recovery process and alleviate the burden of pursuing the debtor.
A Wake North Carolina Assignment of Money Judgment is a legal process that involves the transfer of rights to collect a money judgment from one party to another. When a plaintiff or creditor successfully obtains a money judgment against a defendant or debtor in Wake County, North Carolina, they have the option to transfer their rights to collect the judgment to another individual or entity through an assignment. This assignment allows the creditor to transfer the responsibility of enforcing the judgment and collecting the owed amount to a third party, often referred to as the assignee. The assignee can be a collection agency, an attorney, or any other person or entity capable of effectively pursuing the debt. There are various types of Wake North Carolina Assignment of Money Judgment, each designed to suit different situations. Some common types include: 1. Voluntary Assignment: This type of assignment occurs when the creditor willingly transfers their rights to collect the money judgment to a third party. It is usually done to expedite the debt recovery process or when the original creditor lacks the resources or expertise to pursue the judgment. 2. Involuntary Assignment: In some cases, the court may initiate an involuntary assignment of a money judgment. This occurs when the court determines that the original creditor is incapable of effectively enforcing the judgment. The court appoints a receiver or assigns the judgment to someone who has demonstrated the capability to collect the owed amount. 3. Partial Assignment: A partial assignment involves transferring only a portion of the money judgment to another party. This is often chosen when the creditor wants to divide the responsibility of collecting the judgment among multiple assignees or when there is more than one creditor entitled to the judgment amount. 4. Absolute Assignment: An absolute assignment assigns the complete rights to collect the money judgment to another individual or entity. Once the assignment is made, the assignee assumes full responsibility for pursuing the debtor and collecting the debt. This type of assignment is commonly employed when the original creditor desires a clean break from the debt, or when they have sold the debt to a debt buyer. In Wake North Carolina, an Assignment of Money Judgment is a legal tool often utilized to ensure the successful collection of owed debts. By transferring the rights to collect the money judgment to a third party, the original creditor can expedite the recovery process and alleviate the burden of pursuing the debtor.
