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
Oklahoma Assignment of Money Judgment is a legal process that allows a judgment creditor to transfer their rights and interests in a money judgment to another party, known as an assignee. This assignment typically occurs when the judgment creditor wishes to sell or transfer their claim in exchange for immediate payment, rather than waiting for the debtor to fulfill their obligations. The Oklahoma Assignment of Money Judgment serves as a legal instrument to formalize the transfer of the judgment rights from the original creditor to the assignee. It is governed by the Oklahoma Uniform Assignment of Claim Act (OUA CA), which provides a framework for the assignment process and outlines the rights and obligations of the parties involved. There are two main types of Assignment of Money Judgment in Oklahoma: 1. Absolute Assignment: In this type of assignment, the judgment creditor fully transfers all rights and interests in the money judgment to the assignee. The assignee becomes the new legal owner of the judgment and is entitled to collect the outstanding amount from the debtor. 2. Collateral Assignment: Unlike an absolute assignment, a collateral assignment grants the assignee a security interest in the judgment proceeds rather than full ownership. The assignee acts as a secured creditor, using the judgment as collateral for a loan or other financial arrangement. If the debtor fails to repay the loan, the assignee may have the right to collect from the judgment. The Oklahoma Assignment of Money Judgment carries various benefits for both the judgment creditor and the assignee. For the creditor, the assignment provides immediate liquidity, enabling them to receive a lump sum payment rather than waiting for the debtor's payment. It also minimizes the risks associated with potential non-payment or debtor insolvency. On the other hand, the assignee benefits from the potential for profit by buying the judgment at a discounted rate, assuming the risk of collection, and potentially recovering the full judgment amount from the debtor. It is essential to note that the Oklahoma Assignment of Money Judgment requires compliance with specific legal procedures and documentation. The assignment must be in writing, signed by both parties, and should include relevant details such as the names of the parties, the judgment amount, and any specific terms or conditions of the assignment. In conclusion, the Oklahoma Assignment of Money Judgment is a legal process that allows the transfer of rights and interests in a money judgment from a creditor to an assignee. Whether through an absolute assignment or a collateral assignment, this mechanism offers benefits to both parties involved. It provides the judgment creditor with immediate payment and reduces the risk of non-payment, while giving the assignee a potential opportunity for profit and recovery.
