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
New Jersey Assignment of Money Judgment is a legal process wherein the judgment creditor transfers their rights to collect a monetary judgment to another party, known as the assignee. This assignment allows the assignee to step into the shoes of the original judgment creditor and seek enforcement of the judgment. A money judgment refers to a court's decision requiring one party (the judgment debtor) to pay a specific amount of money to another party (the judgment creditor). In New Jersey, when a judgment creditor assigns their right to collect this monetary judgment to a third party, it is known as the "New Jersey Assignment of Money Judgment." There are different types of New Jersey Assignment of Money Judgment, each with its variations and considerations. Some common types include: 1. Absolute Assignment: This type involves the complete transfer of the judgment creditor's rights to the assignee. The assignee assumes full responsibility for collecting the judgment and may pursue all available enforcement actions, such as levying bank accounts, garnishing wages, or placing liens on properties. 2. Partial Assignment: In this case, the judgment creditor assigns only a portion of the outstanding judgment amount to the assignee. The assignee is entitled to recover the assigned portion from the judgment debtor while the original judgment creditor retains the right to collect the remaining balance. 3. Equitable Assignment: This type of assignment allows the assignee to receive the judgment proceeds only once the original judgment creditor is paid in full. Essentially, the assignee stands in line behind the original creditor and can collect only after their rights have been satisfied. 4. Conditional Assignment: Under a conditional assignment, the assignee's right to collect the judgment is contingent upon the occurrence of specific events or conditions. For example, the assignment may become effective only if the judgment debtor fails to make agreed-upon payments within a certain period. It is essential to comply with New Jersey's laws and procedural requirements when executing an Assignment of Money Judgment. Typically, the assignment must be in writing and signed by both the judgment creditor and the assignee. The assignment document should include a clear description of the judgment, the assigned amount or percentage, and any specific terms or conditions of the assignment. Once the New Jersey Assignment of Money Judgment is properly executed and filed with the court, the assignee can take necessary legal actions to enforce the judgment and collect the owed amount. However, it is advisable for the assignee to seek legal advice before undertaking any collection efforts to ensure compliance with New Jersey's laws and regulations.
