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Simple English definitions for legal terms
execution creditor
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A quick definition of execution creditor:
An execution creditor is someone who is owed money by another person or entity and has gone to court to get a judgment against them. This means that the court has ordered the debtor to pay the creditor the money they owe. The execution creditor can then use legal means, such as seizing the debtor's property, to collect the money owed to them.A more thorough explanation:
An execution creditor is a type of creditor who has obtained a judgment against a debtor and has caused an execution to be issued on the judgment. This means that the creditor can legally seize the debtor's property to satisfy the debt owed.
For example, if John owes Jane $10,000 and Jane obtains a judgment against John, she can become an execution creditor by causing an execution to be issued on the judgment. This allows her to legally seize John's property to satisfy the debt owed.
Another example is if a business owes money to a supplier and the supplier obtains a judgment against the business, they can become an execution creditor by causing an execution to be issued on the judgment. This allows them to legally seize the business's property to satisfy the debt owed.