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
Guam Assignment of Money Judgment is a legal process that involves transferring the rights of a monetary judgment from one party to another. In simpler terms, it is a method by which the person who is owed money can assign their right to collect the debt to someone else. In Guam, there are two main types of Assignment of Money Judgment: voluntary and involuntary. Voluntary Assignment of Money Judgment occurs when the judgment creditor willingly transfers their right to collect the monetary judgment to another individual or entity. This transfer is usually done through a written assignment agreement, where the assignor (original creditor) assigns their rights to the assignee (new creditor). The assignee then becomes responsible for collecting the debt and enforcing the judgment. On the other hand, Involuntary Assignment of Money Judgment takes place when the judgment creditor is forced to transfer their rights to another party by a court order. This typically happens when the assignee purchases the judgment from the original creditor at a discounted rate or as part of a debt collection process. The court approves the assignment as a means of helping the judgment creditor recover some funds rather than the entire judgment amount. Key benefits of Guam Assignment of Money Judgment include allowing the original creditor to access immediate cash flow by selling the right to collect the debt, preventing the need for ongoing collection efforts, and transferring the burden of collection to a more experienced and resourced party. It should be noted that Guam has its specific laws and regulations governing the Assignment of Money Judgment process. These laws ensure proper documentation, notification, and validation of the assignment. Additionally, the assignment must be properly recorded with the relevant court or authority to ensure its enforceability. Overall, Guam Assignment of Money Judgment provides an avenue for creditors to recover their owed funds efficiently and for assignees to potentially earn a profit through successful debt collection.
