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
South Dakota Assignment of Money Judgment is a legal process through which the right to collect a monetary judgment is transferred from the original judgment creditor to another party. This assignment allows the new party, known as the assignee, to take over the responsibility of collecting the outstanding judgment amount from the judgment debtor. In South Dakota, there are two main types of Assignment of Money Judgment: 1. Voluntary Assignment: This type occurs when the original judgment creditor willingly transfers their right to collect the judgment to another individual or entity. The assignment is formalized through a written agreement, commonly known as an assignment agreement, that specifies the terms and conditions of the transfer. 2. Involuntary Assignment: This type takes place when the original judgment creditor is unable to collect the judgment amount themselves and seeks assistance from the court or a collection agency. The court may assign the judgment to a third-party assignee, who will then be responsible for pursuing the collection on behalf of the original judgment creditor. The South Dakota Assignment of Money Judgment process involves several key steps. First, the original judgment creditor files a motion with the court, requesting permission to assign the judgment to a new party. The motion must include information about the judgment, the debtor, and the proposed assignee. The court evaluates the request and may grant or deny the assignment based on various factors, such as the credibility and capacity of the assignee. If the assignment is approved, the assignee becomes the new legal owner of the judgment and assumes the right to collect the outstanding amount. The assignee must file a Notice of Assignment with the court, informing the judgment debtor about the transfer of the judgment and providing them with the necessary instructions for making payment. Once the assignment is in effect, the assignee can initiate collection efforts, which may include sending demand letters, engaging in negotiations, or taking legal action, such as garnishing wages or placing liens on the debtor's property. The assignee is responsible for diligently pursuing the collection while adhering to all relevant laws and regulations governing debt collection practices in South Dakota. In conclusion, the South Dakota Assignment of Money Judgment allows the transfer of the right to collect a monetary judgment from the original creditor to another party. It is crucial to acknowledge the two main types of assignments: voluntary and involuntary. The process involves obtaining court approval, notifying the debtor, and subsequently pursuing collection efforts. This legal mechanism ensures that judgment creditors have the opportunity to recover the funds owed to them under South Dakota law.
