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
The New Mexico Assignment of Money Judgment refers to the legal process in which a creditor transfers their right to collect a debt to another party. This assignment allows the creditor, known as the assignor, to pass on their rights and interests in the debt to the assignee, who then assumes responsibility for pursuing the collection. In New Mexico, there are different types of Assignment of Money Judgment that serve various purposes and circumstances. These types include: 1. Voluntary Assignment: This occurs when the creditor willingly transfers their judgment rights to another entity or individual. The assignor may choose to assign the entire judgment amount or only a portion of it. 2. Involuntary Assignment: This type of assignment occurs when a court orders the transfer of the judgment rights to another party. It typically happens in cases where the original creditor has failed to collect the debt, and the court intervenes to ensure the debt is satisfied. 3. Absolute Assignment: An absolute assignment involves a complete transfer of the judgment rights and obligations from the assignor to the assignee. The assignor loses all control and interest in the judgment, and the assignee assumes full responsibility for collection. 4. Conditional Assignment: In a conditional assignment, the transfer of judgment rights is subject to certain conditions or terms. These conditions might include specific timelines, performance milestones, or a percentage share of the collected amount being paid to the assignor. 5. Equitable Assignment: This refers to an assignment made by the court in equity or fairness, usually to protect the interests of all parties involved. Equitable assignments may occur when there is a dispute or uncertainty regarding the rightful owner of the debt, and the court intervenes to determine who should be assigned the judgment. When executing a New Mexico Assignment of Money Judgment, certain key elements should be included: 1. Identification: The document should clearly identify the assignor (original creditor), the assignee, and the debtor (the party owing the debt). It should include their legal names, addresses, and other relevant contact information. 2. Judgment details: The assignment should provide specific details about the judgment, including the judgment amount, case number, court where the judgment was obtained, and the date of the judgment. 3. Assignment clause: This clause should explicitly state that the assignor is transferring all rights, title, and interest in the judgment to the assignee. It should mention if the assignment is absolute, conditional, or if any specific conditions apply. 4. Consideration: The assignment agreement should specify any consideration given by the assignee to the assignor as part of the assignment. Consideration can be in the form of money, property, or other agreed-upon terms. 5. Signatures and notarization: The assignment should be signed and dated by both the assignor and the assignee. Notarization may be required to validate the document's authenticity. It is essential to consult with a qualified attorney or legal professional when drafting or executing a New Mexico Assignment of Money Judgment. This will ensure compliance with relevant state laws and maximize the chances of successful debt recovery.
