judgments. act quickly? most states, the order of judgment remains in effect for 10 years if not...
TRANSCRIPT
Judgments
Act quickly?
• Most states, the order of judgment remains in effect for 10 years
• If not renewed, it expires and becomes a “nullity.”
Type of Judgment
• Money damages?• Equitable remedy?
– Judgment Debtor– Judgment Creditor
• Entered into court’s “Judgment Book”
– Interest allowed! But must be incorporated into judgment itself
Offer of Judgment
• Made at least ten days before trial
• Party believes opposing party is entitled to damages, so offers to have judgment entered against him/herself!
• Must include all accrued costs
Equity
• Direct party – to convey land– return property– perform a service– Cease an activity– And anything else that is not just money!
Execution and Attachment
• A free floating lien against judgment debtor’s property
• It allows state seizure
• But of what and for whom?
Writ of Execution
• Direction to executive branch– Usually sheriff– Locate, seize and sell– Usually public auction– Subject to short holding period
• Allows right of redemption
Posting of Bond
• Judgment creditor may be required to post a bond protecting the judgment debtor against errors
Sheriff don’t work for free
• Sheriff’s costs for investigation, seizure and auction are added to judgment
Other remedies
• Arrest• Attachment• Garnishment• Replevin• Sequestration• Levy• Trespass and Trover• Detinue • More on this later…
Statement of Assets
• SC-133 example
• Within 30 days of Notice of Entry of Judgment…
• Contempt?
• Willful?
• Get Order of Examination
Order of Examination
• Oder debtor to appear in court and answer questions about income and assets
• When in court…– Frisk him!– Creditor can ask debtor to turn over any cash
in his or her possession! (“Turnover Order”)
Hide and Seek
• Supplementary Proceedings– Interrogatories and interrogation concerning
assets, properties, locations and earnings, employment.
– Debtor may be incarcerated if uncooperative!
Wages
• Creditor can collect up to 25% of net wages…– If low income, this may not be possible…
– What if another creditor got there first?
California’s Debtors Exemption
• Up to $150,000 in equity of home for age 65 or older, disabled, or 55 with low income! Families may have $75,000 exemption, all others $50,000
• Most furniture and appliances• Most clothing• Motor vehicles up to $2,550• Personal jewelry, heirlooms and art up to $6,750• Public Benefits (welfare, Soc Sec, Work Comp)• School financial aid• 403(b) and similar retirement accounts… unless
“excessive”???• Most pensions!
Business Assets
• Bonded Business? Bingo!
• Commercial vehicle, up to $4,850 safe
• Sheriff can “tap the till”– Watch till for 8 hours and take money– Till watcher can cost $1,000 a day!
Own, Rent, Borrowed
• Finding out who owns what can be tricky!
• Shared titles
• Life Estates
• LLC
• Partnerships
• Married or joint habitation?
Stocks, Bonds, Mutual Funds
• Securities– If not part of a retirement plan…– Depends on who holds the certificates…– Third party claim against the brokerage!
Lien, Lien, Lien and Wait
• Put liens on any real estate and wait for a sale, then collect beyond equity limits… if any.
Transfer of Judgment
• A judgment can be transferred to another jurisdiction, but action can be opposed and require a hearing.– Claim they paid it– Contest validity– Contest jurisdiction
Settlements, Releases
• General Release• Partial Release• Partial Settlement with Comparative Fault• High-Low Releases• Covenants not to Sue• Consent Judgment against insurer• Structured settlements• Minor’s settlements
Dismissals
• Voluntary
• Court-Ordered
• Stipulated
Appeals
• Record of Appeal• Appellant’s Brief• Notice of Appeal• Amicus Curiae• Oral Argument• Motion for Rehearing• Appeal to higher court• Order of reversal or new trial