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
Texas Assignment of Money Judgment is a legal process that allows a creditor to transfer their rights to collect a debt from a debtor to another party, referred to as an assignee. This occurs when a debtor owes a sum of money to a creditor, and the creditor wishes to assign their rights to the judgment to another person or entity. In Texas, the Assignment of Money Judgment is governed by specific laws and regulations outlined in the Texas Civil Practice and Remedies Code. This legal instrument establishes the process by which a creditor can assign their rights and interests in a money judgment. There are two main types of Texas Assignment of Money Judgment: absolute assignments and collateral assignments. An absolute assignment occurs when the creditor transfers all their rights to the assignee, including the right to collect the debt, while a collateral assignment grants the assignee the right to collect the debt but allows the creditor to retain some interests in the judgment. To initiate the Assignment of Money Judgment, the creditor must draft a written agreement, commonly known as an Assignment Agreement, which details the terms of the assignment. The agreement typically includes information such as the names and addresses of the parties involved, the amount of the debt being assigned, the effective date of the assignment, and any conditions or restrictions imposed on the assignee. Once the Assignment Agreement is executed, the creditor must file a copy of the agreement with the court where the initial judgment was obtained. This filing ensures that the assignee, as the new judgment holder, has the legal standing to enforce the judgment and collect the debt. After the assignment is filed, the assigned judgment can be enforced by the assignee using appropriate legal methods, such as wage garnishment or the seizure of assets. It's important to note that the Assignment of Money Judgment does not alter the terms of the original judgment, and the debtor remains liable for the debt. The assignee steps into the shoes of the creditor and assumes the responsibility to collect the debt on behalf of the judgment holder. In summary, the Texas Assignment of Money Judgment is a legal process allowing a creditor to transfer their rights to collect a debt to another party. It is regulated by the Texas Civil Practice and Remedies Code and can be executed through absolute or collateral assignments. The agreement needs to be filed with the court, enabling the assignee to enforce the judgment and collect the outstanding debt.
