Puerto Rico Assignment of Money Judgment

State:
Multi-State
Control #:
US-0422BG
Format:
Word; 
Rich Text
Instant download

Description

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

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FAQ

What is PROMESA? The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is legislation intended to help address the fiscal crisis in Puerto Rico.

PROMESA Other short titlesPROMESALong titleTo establish an Oversight Board to assist the Government of Puerto Rico, including instrumentalities, in managing its public finances, and for other purposes.Enacted bythe 114th United States CongressCitations6 more rows

PROMESA's Title III follows roughly the U.S. bankruptcy law. Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.

What is PROMESA? The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is legislation intended to help address the fiscal crisis in Puerto Rico.

In Puerto Rico, consumer debt such as HOA & Condo fees have a statute of limitations of 4 years.

In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.

The justices ruled 8-1 in favor of President Joe Biden's administration, reversing a lower court's ruling that a 1972 decision by Congress to exclude Puerto Rico from the Supplemental Security Income (SSI) program violated a U.S. Constitution requirement that laws apply equally to everyone.

Aurelius Investment, LLC, 590 U.S. ___ (2020), was a United States Supreme Court case in which the Court held that appointments to the Financial Oversight and Management Board for Puerto Rico are not subject to the restrictions in the Appointments Clause of the U.S. Constitution.

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Puerto Rico Assignment of Money Judgment