Writ of Seizure and Sale - Explained
What is a Writ of Seizure and Sale?
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
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.
- Civil Litigation Procedure (Intro)
- What is a civil lawsuit or civil action?
- Who are the parties to a lawsuit?
- What is standing to sue?
- What is personal jurisdiction?
- What is a class action?
- What are the pleadings?
- What is discovery?
- What is the scope of discovery?
- What are motions and how are they used?
- What is the process of selecting a jury?
- What are the steps involved in a civil trial?
- What is the burden of proof in a civil trial?
- Compensatory Damages
- Punitive Damages
- What is res judicata