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
Virginia Assignment of Money Judgment is a legal process that allows a creditor to transfer their rights to collect on a judgment to another party or entity. By making this assignment, the creditor gives up their authority to enforce the judgment and transfers the responsibility to the assignee. This process can be beneficial for various reasons, such as obtaining immediate funds or freeing oneself from the burden of debt collection. In Virginia, there are several types of Assignment of Money Judgment that one should be aware of: 1. Absolute Assignment: This type of assignment is the most common and straightforward. It involves the creditor assigning their entire interest in the judgment to the assignee. By doing so, the assignee gains complete control over the judgment and becomes entitled to collect the assigned amount. 2. Conditional Assignment: In this type of assignment, the transfer of the judgment is subject to a condition or certain terms agreed upon by the parties involved. For example, the assignment may be conditional upon the assignee successfully collecting a specific percentage of the judgment amount. 3. Partial Assignment: As the name suggests, a partial assignment involves transferring only a portion of the judgment amount to the assignee while the creditor retains ownership of the remainder. This can be useful when the creditor prefers to collect a percentage of the judgment but still wants to maintain control over the rest. 4. Equitable Assignment: This type of assignment occurs when the assignor transfers their rights to the assignee without a written document or formal process. Although such assignments are typically acceptable, it is advisable to have a written agreement to avoid any misunderstandings or disputes. Executing a Virginia Assignment of Money Judgment requires a written document, often called an Assignment of Judgment, which details the terms and conditions of the assignment. The assignor (creditor) and the assignee must sign the document in the presence of witnesses or a notary public for it to be considered valid. In summary, a Virginia Assignment of Money Judgment is a legal mechanism allowing a creditor to transfer their right to enforce a judgment to another party. The different types of assignments — absolute, conditional, partial, and equitable — offer flexibility to creditors based on their specific needs and preferences. It is crucial to follow the necessary steps and document the assignment properly to ensure a smooth and effective transfer of rights.
