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
Puerto Rico Assignment of Money Judgment is a legal process through which an individual or entity transfers the rights to collect an outstanding judgment to another party in Puerto Rico. This assignment allows the assignee to step into the shoes of the original judgment holder and pursue the collection of the debt. In Puerto Rico, there are two main types of Assignment of Money Judgment: 1. Absolute Assignment: This type involves the complete transfer of the judgment rights to the assignee. The original judgment holder relinquishes all rights and interests in the judgment and transfers them to the assignee. The assignee becomes the new owner of the judgment and assumes all responsibilities related to its enforcement and collection. 2. Collateral Assignment: In this type, the assignment serves as collateral for a loan or debt. The original judgment holder assigns a portion of the rights to collect the judgment as collateral to secure a loan. The assignee, typically a lender, holds the assigned rights until the loan or debt is repaid, at which point the rights revert to the original judgment holder. The Puerto Rico Assignment of Money Judgment process typically involves several key steps. Initially, the assignor (original judgment holder) and the assignee must enter into a written assignment agreement that clearly outlines the terms and conditions of the assignment. The agreement should include details about the assigned judgment, parties involved, assignment fee (if any), and any specific obligations and responsibilities of each party. Once the assignment agreement is signed, it must be recorded with the relevant court or registry, depending on the jurisdiction, to give public notice of the transfer of rights. This step is crucial for ensuring the assignee's priority as the new judgment creditor, protecting their rights against any competing claims or subsequent liens. Upon completion of the assignment, the assignee is responsible for enforcing the judgment and collecting the debt. This may involve various methods, including negotiation, settlement, or pursuing legal remedies such as garnishment, seizure, or asset liquidation. Overall, the Puerto Rico Assignment of Money Judgment provides a mechanism for transferring the rights to collect a judgment to another party. Whether it is an absolute assignment or collateral assignment, this legal process facilitates the enforcement and collection of debts, ensuring the rightful parties receive the funds they are owed.
