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
Ohio Assignment of Money Judgment is a legal term used to describe the transfer of a judgment debtor's rights to collect payment from the judgment creditor to another party, referred to as the assignee. This transfer allows the assignee to step into the shoes of the judgment creditor and pursue the collection of the money judgment on their behalf. In Ohio, the Assignment of Money Judgment is governed by statutory provisions outlined in the Ohio Revised Code. The purpose of this process is to provide the judgment creditor with an effective means to collect the amount owed to them by allowing them to assign their rights to a third party. The Ohio Assignment of Money Judgment is commonly used in situations where the judgment creditor is unable to pursue the collection themselves due to various reasons, including lack of time, resources, or expertise in debt collection. By assigning the judgment, the assignee, usually a collection agency or law firm, takes on the responsibility of collecting the debt on behalf of the judgment creditor. There are different types of Ohio Assignment of Money Judgment, depending on the specific circumstances and requirements of the case. Some common types include: 1. Absolute Assignment: This type of assignment transfers the ownership of the judgment entirely to the assignee. The assignee assumes all rights and responsibilities related to the collection process. 2. Conditional Assignment: In a conditional assignment, the assignee only acquires the rights to collect the money judgment if certain conditions are met. This can include specific terms or conditions agreed upon by the assignee and the judgment creditor. 3. Partial Assignment: A partial assignment involves the transfer of only a portion of the money judgment to the assignee. In this case, the judgment creditor retains the right to collect the remaining amount directly. 4. Sale of Judgment: This type of assignment involves the sale of the money judgment to a third party. The assignee, also known as the judgment buyer, purchases the judgment from the judgment creditor. They then proceed to collect the debt from the debtor while keeping the collected amount as profit. 5. Assignment for Collection: This type of assignment enables the assignee to collect the money judgment on behalf of the judgment creditor for a fee or a percentage of the collected amount. The ownership and rights to the judgment remain with the judgment creditor. It is essential to consult legal advice and thoroughly understand the specific requirements and implications of an Ohio Assignment of Money Judgment before proceeding. The procedure can vary depending on the circumstances and the type of assignment chosen, and compliance with relevant statutory provisions is crucial for a successful and legally binding assignment.
