What is An "Asssignment of
Judgment"?
An Assignment of Judgment is the transfer of the title and interest
in a judgment from one person to another person. Judgment Recovery
Specialists (JRS) "take assignment" on judgments through
this Assignment of Judgment method. This means that the money judgment
is put into the JRS's name. How is this done? It is purchased. And,
sometimes it is purchased with payments to be deferred until collection
begins.
Once the judgment is assigned, it has then been
transferred to the JRS, just like any other asset can be transferred
to another party. Anyone can transfer title to a car, or title to
real property, or anything else. The judgment is an asset too, and
can be transferred much in the same way.
When the judgment is transferred, the "Acknowledgement
of Assignment" is filed with the court. In the Success! course,
I provide a template for this Assignment. The Assignment has to be
in a particular form, and it needs to be notarized by the original
Creditor (the plaintiff).
Once the Assignment is filed with the court,
the court now has notice that the JRS owns the judgment. And according
to the law, anyone can enforce their own judgment without
using an attorney. The JRS now owns the judgment, and can now seize
assets through the proper method, bring the debtor back into court
for a comprehensive examination, or garnish wages, and much more.
The person who takes assignment is called a Judgment
Recovery Specialist among his or her colleagues, but is called an
Assignee of Record by the court. Is the Assignee a creditor?
Yes. The creditor is the person owed, and the JRS is now owed. That's
why the Assignee is recognized as a creditor.
But it all starts with the "Assignment of
Judgment." Again, that's the document that transfers the judgment
to the JRS so that it can be enforced. And after it is filed with
the court, the Judgment Recovery Specialist can begin his or her
special collections procedures.
Back to Articles
Index
|
