Writ of Seizure and Sale - Explained
What is a Writ of Seizure and Sale?
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Table of ContentsWrit of Seizure And Sale DefinitionA Little More on What is a Writ Of Seizure And SaleAcademic Research
What is a Writ of Seizure And Sale?
A writ of seizure and sale is issued by a court when a borrower goes into default and the attempts by the creditor to get repayment for the loan failed. When the court grants a creditor or petitioner a writ of seizure, the creditor gains ownership of some of the properties of debtor that is equivalent to the debt owed. Once a creditor takes possession of a property, it can be sold off to make repayment for the debt owed. The petitioner that is granted a writ of seizure and sale can execute the court order with the help of a law enforcement officer or a sheriff.
How is a Writ Of Seizure And Sale Used?
The court only issued a writ of seizure and sale to a creditor or petitioner after all attempts to collect the debt have failed. A creditor cannot turn to the court to obtain a writ of seizure and sale after only a few attempts have been made, rather, there must have been several and frequent attempts that were all ignored by the debtor. A petitioner who has obtained a writ of seizure has the right to take possession of the property of the debtor, the creditor can sell the property at a low price to quickly recover the losses made. The judgment debtor might not be given any notice before the writ is executed.