What would happen if a judgment enforcement specialist has a contingency future-payment recovery contract with an original judgment creditor, then recovers any money from the judgment debtor, and later discovers their original judgment creditor later passed on?
This article is my opinion and is not, legal advice. I am a judgment broker, and not a lawyer. If you ever need a strategy to use or legal advice, you should contact an attorney.
First off, this problem only happens when you had a future-payment contingency contract on the judgment. If you purchased a judgment with cash up-front, there's not any reason to split anything collected on that judgment (except with a taxman).
With a cash upfront judgment purchase,nike sko free, you assume all the possible risks, and there's only 2 circumstances when you might contact the original judgment creditor:
1) The very rare mixture of situations when: The large fraud judgment, that was a default judgment, the debtor has assets, and has filed for bankruptcy. With such a rare coalescence of circumstances, the fraud might need to get proven again; at a hearing for a motion for a summary judgment. At that kind of a bankruptcy court hearing, testimony and evidence from that originally defrauded judgment creditor might be really useful.
2) When there is a motion to vacate a default judgment. Everything depends on the unique situations involving the proof of service. That original judgment owner might know how to contact any process server(s), so you can ask them to be a witness at the motion to vacate hearing, etc.
Again, on any cash upfront judgment sale, you assume all the risks. There is not anything that obligates the original judgment creditor with those two situations mentioned above, to assist your situation; you may need to provide an incentive them. Besides the 2 circumstances above, there's never a justification to contact an original judgment creditor when any cash up-front judgment sale has been completed.
If you have a signed a future-payment contingency obligation agreement with an original judgment creditor; if you collect any money, you need to pay an original creditor. What happens if they have since passed on? You have two choices:
1) Take the wrong action,http://billigenikefreedk.webs.com/, that occurs more often than it should; and simply keep the recovery. If somebody associated with that late creditor asks you concerning the recovery someday, you might pay that person,nike sko free.
2) Do the right thing, and take time to find out who is the executor of the late creditor's estate or probate,http://nikeskofreedk.webs.com/. Often,nike free sko, the individual will be a surviving spouse or a creditor's next of kin. Then, pay them what is owed. When you can't find the representative of the former creditor's estate, hang onto the recovered money for a while; then report that original creditor's portion to the unclaimed property department of your state. Mark D. Shapiro of: - The fastest and easiest free way to find the right expert to buy or recover your . |
