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 Detailed Explanation of Arkansas Assignment of Money Judgment In Arkansas, an Assignment of Money Judgment refers to the legal process by which a creditor transfers their right to collect a debt to another party. This assignment allows the assignee to step into the shoes of the original creditor and pursue the enforcement of the judgment. The Assignment of Money Judgment is a significant tool that provides creditors with an alternative means to recover their owed funds. By transferring their right to collect the judgment, creditors can expedite the debt payment process and potentially avoid lengthy and costly collection efforts. Arkansas recognizes two main types of Assignment of Money Judgment: 1. Absolute Assignment: The absolute Assignment of Money Judgment involves the complete transfer of the rights to receive a judgment amount from the original creditor to the assignee. This type of assignment grants the assignee full control and authority to enforce the judgment and collect the debt owed. The original creditor relinquishes their interest in the judgment entirely, typically in exchange for a cash payment or to settle the debt. 2. Security Assignment: A Security Assignment of Money Judgment, also known as a collateral assignment, occurs when the original creditor puts up their judgment as collateral to secure a loan or another obligation. In this type of assignment, the creditor retains an interest in the judgment and may seek to enforce it if the debtor defaults on their obligation. The assignee, usually a lender, holds the security interest in the judgment, giving them the right to collect if necessary. Keywords: Arkansas Assignment of Money Judgment, creditor, debt, enforcement, collection efforts, absolute assignment, security assignment, collateral assignment, original creditor, assignee, judgment amount, debt payment process, rights transfer, recovery, collection, cash payment, settlement, interest, obligation, defaulted loan, security interest.
