Maryland Assignment of Judgment is a legal process that involves the transfer of a judgment from one party to another. A judgment is a court decision that establishes the legal obligation of one party (debtor) to pay a certain amount of money to another party (creditor) as a result of a lawsuit or monetary dispute. In the state of Maryland, the Assignment of Judgment allows the creditor to assign their right to collect the judgment to a third party, known as an assignee. This assignment grants the assignee the power to enforce the judgment and collect the owed amount on behalf of the original creditor. There are different types of Maryland Assignment of Judgment, each catering to specific circumstances. 1. Traditional Assignment: This type involves the complete transfer of the judgment from the creditor to the assignee. Once the assignment is complete, the assignee assumes all rights, interests, and powers associated with the judgment, including the authority to pursue collection efforts. 2. Partial Assignment: In some cases, a creditor may choose to assign only a portion of the judgment to an assignee. This partial assignment allows the assignee to collect a specific amount or specified installments, while the creditor retains the right to collect the remaining debt. 3. Equitable Assignment: Unlike traditional and partial assignments, an equitable assignment does not involve a written document or formal transfer of the judgment. Instead, it is based on an agreement between the creditor and assignee, where the assignee acts as an agent to collect the judgment on behalf of the creditor. Regardless of the type, the process to execute a Maryland Assignment of Judgment typically involves filing the assignment with the appropriate court. This filing serves as a public notice of the assignment and ensures the assignee's legal authority to pursue collection efforts. In summary, Maryland Assignment of Judgment is a legal mechanism that allows a creditor to transfer their right to collect a judgment to another party. Whether through a traditional, partial, or equitable assignment, this process enables the assignee to step into the creditor's shoes and pursue the debt owed. It is crucial for all parties involved to seek legal advice and ensure compliance with Maryland's specific laws and regulations governing the Assignment of Judgment.
Maryland Assignment of Judgment
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RULE 3-612. The court may enter a judgment at any time by consent of the parties.
Ct. 3-625. A money judgment expires 12 years from the date of entry or most recent renewal. At any time before expiration of the judgment, the judgment holder may file a notice of renewal and the clerk shall enter the judgment renewed.
3-624. When a judgment has been assigned in writing by the judgment holder, the assignment may be filed in the court where the judgment was entered.
Except as otherwise provided by law, the sheriff shall levy upon a judgment debtor's interest in personal property pursuant to a writ of execution by obtaining actual view of the property, entering a description of the property upon a schedule, and (1) removing the property from the premises, or (2) affixing a copy of ...
Upon recording a foreign judgment received from a person other than the clerk of the court of entry, the receiving clerk shall notify the clerk of the court of entry.
Rule 3-621 - Lien of Money Judgment (a) Generally. A money judgment constitutes a lien in the amount of the judgment and post-judgment interest on the judgment debtor's interest in land located in a county, except as provided by law, only in ance with this Rule.
Rule 3-621 - Lien of Money Judgment (a) Generally. A money judgment constitutes a lien in the amount of the judgment and post-judgment interest on the judgment debtor's interest in land located in a county, except as provided by law, only in ance with this Rule.
3-647. Upon the written request of the holder of a judgment awarding possession of property, the clerk shall issue a writ directing the sheriff to place that party in possession of the property.
