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
Rhode Island Assignment of Money Judgment is a legal term that refers to the transfer of a monetary judgment from one party to another. In this process, the original judgment creditor, also known as the assignor, assigns their rights to receive the owed money to a new party called the assignee. This assignment allows the assignee to pursue the judgment and collect the debt on behalf of the assignor. The Rhode Island Assignment of Money Judgment follows a specific legal procedure and requires the proper documentation to be valid. The assignor must execute a written assignment, which includes details such as the parties involved, the original judgment amount, the case number, and a description of the debt. The assignee then files this assignment with the court where the judgment was originally entered. This process is beneficial for the assignor as it allows them to liquidate the judgment, turning a potential long-term collection process into immediate cash. On the other hand, the assignee, typically a debt collection agency or a third-party purchaser, takes on the responsibility of enforcing the judgment and collecting the owed money in exchange for a discounted price. In Rhode Island, there are no specific types of Assignment of Money Judgments that differ from the general concept. However, it is essential to note that there may be variations in the terms and conditions of the assignment agreement and the strategies employed by the assignee depending on the specific case and circumstances. Assigning a money judgment can be a strategic decision for both individuals and businesses, providing a means of transferring the risk and responsibility of collection to a specialized entity. This process can streamline the debt recovery process and alleviate the burden on the original judgment creditor. Keywords: Rhode Island Assignment of Money Judgment, monetary judgment, judgment creditor, assignor, assignee, debt collection, legal procedure, documentation, judgment amount, case number, debt description, enforcement, collection process, debt recovery, risk transfer, specialized entity.
