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
Maine Assignment of Money Judgment: Explained In the state of Maine, an Assignment of Money Judgment refers to the legal process of transferring ownership rights of a court-awarded judgment to another party. This assignment allows the original judgment creditor (the person or entity owed money) to transfer their rights to the judgment amount to a third party, known as the assignee. By assigning the judgment, the assignee gains the right to try and collect the debt owed. The Maine Assignment of Money Judgment serves as an effective method for the original judgment creditor to expedite the collection of their owed debt. This legal mechanism provides an avenue to liquidate their judgment amount quicker by selling it to a buyer, who may be better equipped to pursue the debtor's assets or collections. There are primarily two types of Maine Assignment of Money Judgments: 1. Absolute Assignment: In an absolute assignment, the judgment creditor transfers ownership of the entire judgment amount to the assignee. Once the assignment is executed, the assignee becomes the new legal owner of the judgment and assumes all rights and responsibilities associated with its collection. 2. Collateral Assignment: A collateral assignment allows the judgment creditor to assign a portion or a percentage of the judgment amount, while retaining partial ownership rights. In this scenario, the assignee is entitled to collect a specified portion of the judgment proceeds, while the judgment creditor retains the remaining amount. Both types of assignments require the judgment creditor to draft a written assignment document, formally transferring their rights to the assignee. The document should include details such as the original judgment amount, the names and contact information of the parties involved, and a clear statement of assignment. Once the Assignment of Money Judgment is complete, the assignee can take legal action against the debtor to recover the owed funds. This may involve various collection methods, such as wage garnishment, bank account levies, or property liens. It is crucial to note that while the assignee assumes the right to pursue collections, they are also bound by the terms and limitations of the original court judgment. In conclusion, the Maine Assignment of Money Judgment is a legal process that allows judgment creditors to transfer their rights to the judgment amount to an assignee. This mechanism provides an opportunity for the original creditor to expedite and potentially monetize their court-awarded judgment. The two primary types of assignments are absolute and collateral assignments, each offering different benefits and considerations. It is advisable for parties involved to consult with legal professionals to ensure the assignment is executed correctly and in compliance with Maine state laws.
