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
Illinois Assignment of Money Judgment is a legal process in which a creditor transfers their right to collect a money judgment to another party. It enables the assignee to pursue the collection on behalf of the original judgment holder, transferring both the rights and obligations related to the judgment. In Illinois, there are typically two types of Assignment of Money Judgment: 1. Absolute Assignment: This type of assignment involves a complete transfer of the judgment to the assignee. The creditor relinquishes all rights and responsibilities related to collecting the debt, including the power to enforce the judgment. The assignee assumes full control over the enforcement process and collects any proceeds recovered. 2. Collateral Assignment: Unlike an absolute assignment, a collateral assignment involves a partial transfer of the judgment to the assignee. In this case, the creditor retains certain rights, such as the right to receive payments made by the debtor, while giving the assignee the authority to pursue the collection process. The assignee acts as a "co-creditor" and shares the collection proceeds with the original judgment holder. Some important keywords related to Illinois Assignment of Money Judgment include: — Creditor: The original party who obtained the money judgment against the debtor. — Assignee: The person or entity to whom the judgment is transferred or assigned. — Debt collection: The process of pursuing the collection of a debt owed by a debtor. — Legal enforcement: Actions taken to enforce a money judgment, such as garnishing wages, seizing assets, or placing liens on property. — Obligation: The responsibilities and duties associated with the money judgment, including the duty to collect and enforce the judgment. — Transferee: Another term referring to the assignee, the person or entity receiving the assignment of the money judgment. — Proceeds: The money or assets collected from the debtor during the enforcement process. — Debtor: The individual or entity who owes the debt and against whom the money judgment is awarded. — Enforcement process: The steps taken to ensure the judgment is properly enforced and the debt is recovered. Understanding the Illinois Assignment of Money Judgment can be crucial for creditors seeking an efficient way to collect outstanding debts. By assigning their money judgment, creditors can pass on the responsibility of enforcing the judgment while potentially receiving immediate compensation for their efforts. The different types of assignments, absolute and collateral, offer options based on the creditor's desired level of involvement in the collections process.
