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
Florida Assignment of Money Judgment is a legal process through which a creditor transfers their right to collect on a money judgment to another party, known as the assignee. This assignment allows the assignee to step into the shoes of the creditor and enforce the judgment on their behalf. By assigning the money judgment to another individual or entity, the original creditor can quickly receive payment for the debt owed to them. There are various types of Florida Assignment of Money Judgment, each tailored to specific circumstances and requirements: 1. Voluntary Assignment: This occurs when a creditor willingly transfers their judgment rights to another party. The voluntary assignment is typically done in exchange for immediate payment for the judgment, providing the original creditor with swift resolution and eliminating the risk of non-payment. 2. Involuntary Assignment: In certain situations, a creditor's right to collect on a judgment may be involuntarily assigned by a court when the original creditor fails to satisfy the judgment debt. This type of assignment often occurs when the debtor's assets are seized and sold to satisfy the debt, with the proceeds going towards the assignment. 3. Partial Assignment: In a partial assignment, the creditor assigns only a portion of their money judgment to another party. This type of assignment is commonly seen when the original creditor wishes to share the risk or workload of collecting the judgment with another individual or entity. 4. Assignment for Collection: This type of assignment is usually a temporary arrangement where the original creditor engages the services of a collection agency or attorney to assist in recovering the judgment amount. The assignment for collection allows the assigned party to pursue payment on the creditor's behalf while still retaining the creditor's ownership of the judgment rights. It is essential to follow the specific legal procedures outlined under Florida law when executing an assignment of money judgment. These procedures may involve filing necessary documents with the court, notifying the debtor, and securing the appropriate assignments and related agreements. In summary, a Florida Assignment of Money Judgment allows a creditor to transfer their right to collect on a money judgment to another party. This process can benefit the original creditor by providing immediate payment while shifting the responsibility of enforcement to the assignee. Understanding the different types of assignments available can help creditors choose the most suitable approach to collect their debts effectively.
