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
The South Carolina Assignment of Money Judgment is a legal process that allows one party to transfer their rights to enforce a financial judgment against another party to a third party. This assignment is governed by specific laws and regulations in the state of South Carolina. In this legal procedure, the assignor, who is the original judgment creditor, transfers their right to collect the money owed to them by the debtor to the assignee. The assignee, also known as the transferee, becomes the new legal owner of the judgment and gains the authority to pursue the debtor for the payment. The assignment of money judgment in South Carolina is often used in situations where the original judgment creditor no longer wishes to wait for the debtor to pay or prefers to have an immediate resolution to their debt collection efforts. By assigning the judgment, the assignor can quickly receive a lump sum payment from the assignee, while the assignee assumes the responsibility of collecting the full amount from the debtor. There are different types of South Carolina Assignment of Money Judgment, including: 1. Absolute Assignment: This type of assignment involves a complete transfer of all rights and interests in the judgment from the assignor to the assignee. The assignee becomes the new owner of the judgment with full control over the collection process. 2. Conditional Assignment: In this type of assignment, the assignor transfers their rights to enforcement on certain conditions. For example, the assignee may be required to pay a certain percentage of the judgment amount upfront or adhere to specific collection strategies. 3. Partial Assignment: A partial assignment of money judgment involves transferring only a portion of the original judgment amount to the assignee. The assignor retains the remaining portion, and both parties work together to collect the debt. 4. Equitable Assignment: This type of assignment is a non-legal transfer of the assignor's rights and interests in the judgment. It is usually used in situations where the original judgment creditor wishes to assign the judgment as collateral for a loan or as security for another financial arrangement. 5. Assignment for Collection: In certain cases, the judgment creditor may assign the judgment to a collection agency rather than an individual assignee. The collection agency then becomes responsible for pursuing the debtor and collecting the outstanding debt on behalf of the assignor. It is essential to follow the proper legal procedures and comply with the regulations set forth by the South Carolina courts and relevant statutes when executing an Assignment of Money Judgment. Consulting with an attorney experienced in debt collection and enforcement in South Carolina is recommended to ensure a smooth and lawful assignment process.
