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
Montana Assignment of Money Judgment is a legal process by which a party transfers their right to collect a money judgment to another individual or entity. This assignment allows the assignee to step into the shoes of the original judgment creditor and pursue the collection of the debt owed by the judgment debtor. In Montana, there are generally two types of Assignment of Money Judgment: 1. Absolute Assignment: An absolute assignment results in the full transfer of the judgment creditor's rights to the assignee. Once the assignment is complete, the assignee has complete control and ownership over the judgment, including the right to collect the debt and enforce any legal remedies available. 2. Collateral Assignment: A collateral assignment occurs when a judgment creditor assigns their interest in the judgment as security for a debt or obligation owed to the assignee. In this type of assignment, the assignee holds a security interest in the judgment but does not have immediate control over the collection process. If the obliged fails to fulfill their obligation, the assignee can take necessary steps to enforce the judgment and collect the debt. The process of Montana Assignment of Money Judgment typically involves the following steps: 1. Drafting an Assignment Agreement: The judgment creditor and the assignee must enter into a written agreement that outlines the terms and conditions of the assignment. This agreement should clearly state the amount of the judgment, the effective date of the assignment, and the rights and responsibilities of each party. 2. Filing the Assignment: Once the agreement is executed, it must be filed with the Montana court where the original judgment was entered. This filing serves to officially record the assignment and notify the court, the judgment debtor, and any other relevant parties of the change in ownership. 3. Serving Notice: After filing, the assignee is responsible for serving notice of the assignment to the judgment debtor. This notice informs the debtor that the assignee now holds their debt and provides instructions on how to make future payments. 4. Administering the Assignment: The assignee takes on the role of the judgment creditor and assumes responsibilities such as monitoring payments, enforcing the judgment if necessary, and accounting for any funds collected. In summary, Montana Assignment of Money Judgment is a legal procedure allowing a judgment creditor to transfer their rights to collect a debt to another party. The two main types of assignments are absolute assignments, where full control is transferred, and collateral assignments, where the assignee holds a security interest. Implementing an assignment involves drafting an agreement, filing it with the appropriate court, serving notice, and administering the collection process.
