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
Pennsylvania Assignment of Money Judgment is a legal process that allows a judgment creditor to transfer their right to collect a debt to another party. This assignment typically occurs when the judgment creditor realizes they may not be able to effectively collect the debt themselves or if they prefer to receive immediate payment rather than waiting for the debtor to fulfill their financial obligations. A Pennsylvania Assignment of Money Judgment involves the formal documentation of the transfer, which outlines the specifics of the debt, including the amount owed, the parties involved, and any relevant terms and conditions. This document is important as it legally transfers the ownership of the judgment to the assignee, enabling them to enforce the debt collection. It provides an avenue for the judgment creditor to recover their money without the burden of pursuing the debtor directly. There are various types of Pennsylvania Assignment of Money Judgment, two of which are: 1. Absolute Assignment: In this type of assignment, the judgment creditor fully transfers their rights to the assignee. The assignee assumes complete control and responsibility for all aspects of collecting the debt, including negotiating alternative payment arrangements, pursuing legal action against the debtor if necessary, and potentially even accepting a partial settlement. 2. Collateral Assignment: In a collateral assignment, the judgment creditor assigns their right to collect the debt but retains an interest in the assignment itself. In other words, while the assigned party handles the collection process, the judgment creditor may have some rights to payments received. This type of assignment may be ideal when the judgment creditor wishes to share the risk and potential rewards of collecting the debt. Pennsylvania Assignment of Money Judgment provides an efficient solution for judgment creditors seeking to transfer their debt recovery responsibilities to another party. It minimizes their workload and potentially helps them receive immediate payment, avoiding the uncertain waiting period for debtor compliance. By distinguishing between absolute and collateral assignments, Pennsylvania law ensures flexibility in satisfying the needs of judgment creditors in various situations.
