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
Missouri Assignment of Money Judgment is a legal process where the rights, title, and interest in a monetary judgment are transferred from one party, known as the assignor, to another party, referred to as the assignee. This allows the assignee to collect the amount owed by the judgment debtor. In Missouri, there are two common types of Assignment of Money Judgment: 1. Absolute Assignment: An absolute assignment of money judgment involves the complete transfer of all rights and interest in the judgment to the assignee. The assignee assumes full responsibility for the collection and enforcement of the judgment. 2. Collateral Assignment: In a collateral assignment of money judgment, the assignor provides the assignee with a security interest in the judgment while retaining an interest in it as well. This means that the assignee can collect the judgment to satisfy a debt or obligation owed by the assignor, but any excess funds would be returned to the assignor. The Missouri Assignment of Money Judgment process typically involves the following steps: 1. The assignor and assignee enter into a written agreement outlining the terms of the assignment, including the transfer of rights, responsibilities, and any conditions or limitations. 2. The assignor files a Notice of Assignment of Money Judgment with the court where the original judgment was obtained. This notice informs the court, the judgment debtor, and any other interested parties that the rights to the judgment have been assigned to the assignee. 3. The assignee assumes the role of the new judgment creditor and has the authority to pursue collection efforts, such as garnishing wages, levying bank accounts, or placing liens on the judgment debtor's property. 4. Any funds collected by the assignee are used to satisfy the assignor's debt, and in the case of a collateral assignment, any remaining funds are returned to the assignor. Missouri Assignment of Money Judgment provides a valuable tool for creditors to recover outstanding debts owed to them. It allows assignees to take legal action to enforce the judgment and collect the monetary amount owed, providing an effective means of recovering funds owed to them. It is important for both assignors and assignees to understand their rights and obligations when entering into an Assignment of Money Judgment agreement, and to ensure that all necessary legal procedures and documentation are properly followed.
