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
Wyoming Assignment of Money Judgment is a legal process that allows a creditor to transfer their right to collect an outstanding debt to another party, known as the assignee. This assignment is typically done in exchange for a lump sum payment or as a means to satisfy a debt. It provides a convenient and efficient way for creditors to recover owed funds without the burden of chasing down debtors and dealing with collection efforts. When a creditor assigns a money judgment in Wyoming, they transfer their legal claim to the assignee, who steps into their shoes and assumes all rights, benefits, and responsibilities associated with the debt. The assignee becomes the new legal owner of the judgment and gains the authority to enforce it. This can include methods such as garnishing wages, levying bank accounts, or placing liens on property owned by the debtor. There are a few different types of Wyoming Assignment of Money Judgment that may be utilized depending on the specific circumstances: 1. Voluntary Assignment: This occurs when a creditor willingly transfers their right to collect the debt to the assignee. It is often used when the creditor wants to receive a lump sum payment rather than waiting for the debtor to fulfill their obligations over time. 2. Involuntary Assignment: In some cases, the court may issue an involuntary assignment of a money judgment. This typically happens when the debtor fails to pay the judgment despite receiving proper notice and opportunity to do so. The court may order the assignment to ensure the debt is satisfied. 3. Structured Assignment: In a structured assignment, the assignee agrees to receive payments over time, either from the debtor or through structured settlement funding. This can be a desirable option for creditors who want to spread out the risk or for debtors who cannot make a lump sum payment immediately. Wyoming Assignment of Money Judgment provides a legal framework to facilitate the transfer of debt ownership, protecting the rights of both creditors and assignees. It streamlines the debt collection process, allowing creditors to recoup funds efficiently and assignees to potentially profit from purchasing the judgment at a discount.
