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
Indiana Assignment of Money Judgment is a legal process that allows a creditor to transfer their right to collect a debt to another party. This assignment typically occurs when the original creditor wants to hand over the responsibility of collecting the debt to a third party, known as the assignee. Under the Indiana state law, an Assignment of Money Judgment involves a written agreement between the creditor and the assignee, specifying the details of the debt, including the amount owed, the debtor's information, and any interest or fees associated with the debt. This agreement should be signed by both parties and notarized to ensure its legality. By assigning the money judgment, the original creditor effectively relinquishes their right to collect the debt directly from the debtor. Instead, the assignee steps into the creditor's shoes and gains the right to pursue the debt on their behalf. This process is often utilized by creditors who either lack the means or are unwilling to pursue collection efforts themselves. There are different types of Indiana Assignment of Money Judgment, and each serves a specific purpose: 1. Regular Assignment of Money Judgment: This type of assignment allows the original creditor to transfer the right to collect the debt to the assignee. The assignee then assumes the responsibility of pursuing the debtor for payment and may be entitled to any proceeds collected from the debt. 2. Partial Assignment of Money Judgment: In some cases, the original creditor may only assign a portion of the money judgment to the assignee. This could occur when the creditor wants to share the debt collection responsibility or when the assignee provides financial assistance to the creditor in exchange for a percentage of the debt. 3. Pro Rata Assignment of Money Judgment: With a pro rata assignment, the original creditor assigns a portion of the debt to multiple assignees. Each assignee then has the right to pursue the debtor for their portion of the debt. This type of assignment is commonly used when the debt is significant, and the creditor wants to distribute the risk among several parties. In conclusion, an Indiana Assignment of Money Judgment allows a creditor to transfer their right to collect a debt to another party. This process involves a written agreement between the creditor and assignee and grants the assignee the authority to pursue the debt on the creditor's behalf. Different types of assignments, such as regular assignments, partial assignments, and pro rata assignments, offer various options for creditors seeking assistance with debt collection in Indiana.
