Title: Understanding Wisconsin Assignment of Judgment: A Comprehensive Overview Introduction: Wisconsin Assignment of Judgment is a legal process that allows a judgment creditor to transfer their rights and interests in a court-ordered judgment to another party, known as the assignee. This article delves into the various aspects of Wisconsin Assignment of Judgment, its importance, and the different types that exist within the state. 1. Wisconsin Assignment of Judgment: Definition and Purpose — Definition: Wisconsin Assignment of Judgment refers to the legal transfer of rights to enforce a court-issued judgment to a third party. — Purpose: It enables judgment creditors to recover their owed amount more efficiently by granting them the flexibility to transfer the judgment to an individual, company, or collection agency. 2. Key Parties Involved in Wisconsin Assignment of Judgment — Judgment Creditor: The party who is owed the judgment amount. — Judgment Debtor: The party who owes the judgment amount. — Assignee: The party to whom the judgment rights are transferred, often for compensation. 3. Advantages and Benefits of Wisconsin Assignment of Judgment — Expedited Debt Recovery: The assignee can pursue enforcement actions promptly, potentially leading to faster debt collection. — Financial Flexibility: Judgment creditors can monetize their judgments by transferring them to assignees, receiving an immediate lump sum payment. — Reduced Risk: The judgment creditor minimizes the risk associated with delays, non-payment, or complications in the enforcement process. 4. Types of Wisconsin Assignment of Judgment: — Absolute Assignment: The judgment creditor permanently transfers all rights and interests to the assignee, who assumes full responsibility for collection efforts. — Security Assignment: The judgment creditor assigns the judgment as collateral to secure a loan or an ongoing business transaction, retaining an interest in the judgment proceeds. — Conditional Assignment: The judgment creditor transfers the rights to the assignee on the condition of a specific event occurring or milestone achieved, often used in complex business transactions. 5. Legal Considerations and Requirements for a Valid Assignment of Judgment in Wisconsin — Written Form: Assignment of Judgment must typically be in writing to be enforceable. — Notice to the Judgment Debtor: The debtor must be notified about the assignment, providing the necessary information about the assignee and any changes in payment instructions. — Court Approval: In certain cases, court approval may be required, especially when assigning judgments in complex cases or involving large amounts. Conclusion: Wisconsin Assignment of Judgment serves as a valuable tool for judgment creditors to access immediate financial relief and transfer the often lengthy and complex enforcement processes to assignees. Through various types of assignments, this legal mechanism ensures that parties involved can effectively navigate debt recovery while protecting their rights and interests within the state's legal framework.
Wisconsin Assignment of Judgment
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940.42 Intimidation of witnesses; misdemeanor. Except as provided in s. 940.43, whoever knowingly and maliciously prevents or dissuades, or who attempts to so prevent or dissuade any witness from attending or giving testimony at any trial, proceeding or inquiry authorized by law, is guilty of a Class A misdemeanor.
(1m) The operator of a motor vehicle shall not follow another vehicle more closely than is reasonable and prudent, having due regard for the speed of such vehicle and the traffic upon and the condition of the highway.
In Wisconsin, the statute of limitations on a judgment can be up to 20 years. ?Debts can be reported for the time periods mentioned above even if you paid the debt in full before the end of the allowed reporting time period.
(1) Every judgment properly entered in the judgment and lien docket showing the judgment debtor's place of residence shall, for 10 years from the date of entry, be a lien on all real property of every person against whom the judgment is entered which is in the county where the judgment is rendered, except homestead ...
Wisconsin Legislature: 806.14. (a) The full name and place of residence of each judgment debtor and of the spouse or former spouse of the judgment debtor if the spouse is named in a judgment described under s. 806.15 (4).
By entering a judgment in the judgment and lien docket, a judgment creditor obtains a ten-year statutory lien on real property of the debtor located in the county in which the judgment was docketed, but does not create a statutory lien on the debtor's personal property.
Generally, the creditor gives the debtor (person who owes the money/property) the completed Satisfaction of Judgment (form GF-129) to file with the Clerk of Circuit Court and pay the filing fee. Satisfactions of Judgment can be filed electronically via the Wisconsin Courts System eFiling.
