Writ of Execution - Explained
What is a Writ of Execution?
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What is a Writ Of Execution?
A writ of execution is a court order that validates the execution of a judgment by a court that the transfer of money, property or assets can commence. A writ of execution is a legal judgment rendered in favor of a plaintiff, this grants the plaintiff the right to take over the money, property or assets owned by the debtor or judgment defendant. Once a court issues a writ of execution, the transfers of assets and property is done through a sheriff or law enforcement officer. That is, the sheriff takes possession of the property owned or the money is deposited into a holding account in order to satisfy the terms of the judgment.
How is a Writ Of Execution Used?
When a judgment debtor r a defendant is required by the law to make payment to the plaintiff in a legal case for a debt owed, a writ of execution is issued by the court. A writ of execution allows a sheriff to take possession of the property and not the plaintiff themselves. The money owed is transferred into a holding account and if it is a property, the sheriff takes possession of the property on behalf of the plaintiff. The property is sold in a sheriff's sale and the fund realized is given to the plaintiff to settle the debt. A writ of execution has certain exceptions, a social security fund of money held in an IRA cannot be collected using a writ of execution.