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
North Dakota Assignment of Money Judgment is a legal process that allows a party (the assignor) to transfer their rights to collect a money judgment to another party (the assignee) in order to satisfy the debt owed. This assignment can be used as a method of debt recovery when the original creditor is unable to collect the judgment on their own. Keywords: North Dakota, Assignment of Money Judgment, legal process, debt recovery, original creditor There are two main types of North Dakota Assignment of Money Judgment: 1. Voluntary Assignment: This type of assignment occurs when the original creditor willingly transfers their rights to collect the money judgment to another party. Voluntary assignments typically involve a written agreement between the assignor and assignee, outlining the terms of the assignment and the transfer of rights. The assignee assumes the responsibility of collecting the judgment and is entitled to receive the full amount owed. 2. Involuntary Assignment: An involuntary assignment of money judgment in North Dakota occurs when a court orders the transfer of the judgment to another party. This typically happens when the original creditor is unable to collect the debt themselves or has failed to make progress in executing the judgment. In such cases, the court may appoint a third party, such as a collection agency or a judgment buyer, to take over the collection efforts. The assignee receives the rights to the judgment and is responsible for collecting the debt. It is important to note that the North Dakota Assignment of Money Judgment process is governed by state laws, particularly Chapter 28-20 of the North Dakota Century Code. The code outlines the requirements, procedures, and limitations for executing an assignment of money judgment in the state. In conclusion, the North Dakota Assignment of Money Judgment is a legal mechanism that allows the transfer of rights to collect a debt to another party. It can be voluntary or involuntary, and both types serve the purpose of facilitating debt recovery for the original creditor. The process is regulated by state laws, which must be followed to ensure the validity and effectiveness of the assignment.
