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 York Assignment of Money Judgment is a legal process that allows a creditor, also referred to as the "assignor," to transfer the right to collect a debt or money judgment to another party, known as the "assignee." This legal mechanism is governed by the laws of the state of New York. A New York Assignment of Money Judgment typically occurs when a creditor wishes to assign their right to collect a debt to a third party in exchange for immediate payment or to shift the responsibility of collection to a specialized debt collection agency. This allows the assignor to receive a lump sum and transfer the burden of debt recovery to someone else. One of the key benefits of a New York Assignment of Money Judgment is that it enables the assignee to pursue legal remedies to enforce the judgment. The assignee has the authority to employ various means of debt collection such as garnishing wages, placing liens on property, or freezing bank accounts of the judgment debtor. In New York, there are two main types of Assignment of Money Judgment: 1. Absolute Assignment: In this type of assignment, the assignor transfers the full rights, title, and interest in the money judgment to the assignee. The assignor has no further claim to the judgment and relinquishes any future rights to collect the assigned debt. 2. Collateral Assignment: Unlike the absolute assignment, this type of assignment allows the assignor to transfer the rights to the judgment temporarily as security against a loan or debt. The assignor retains some interest in the money judgment and may regain control after fulfilling the agreed-upon obligations or settling the debt. It is important to note that a New York Assignment of Money Judgment must adhere to the proper legal procedures and requirements. Both parties involved must execute a written assignment agreement that clearly outlines the terms, conditions, and rights related to the assignment. This agreement should be signed and notarized to ensure its validity and enforceability. In summary, a New York Assignment of Money Judgment is a legal process that facilitates the transfer of debt collection rights from a creditor to an assignee. By utilizing this mechanism, creditors can efficiently recover their debts while assignees assume the responsibility and authority to collect the assigned debt. The two main types of assignment are absolute assignment, where the assignor fully transfers the rights, and collateral assignment, where the assignor retains some interest as security against a debt. Compliance with legal requirements and proper documentation is crucial to ensure the validity and effectiveness of the assignment.
