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LSDefine
Simple English definitions for legal terms
execution sale
Read a random definition: Admiralty Clause
A quick definition of execution sale:
An execution sale is when someone's property is sold by the government to pay off a debt they owe. This happens when a court orders it or when someone doesn't pay their taxes. It's also called a forced sale or a sheriff's sale.A more thorough explanation:
An execution sale is a type of forced sale of a debtor's property by a government official carrying out a writ of execution. This means that the sale is ordered by a court to satisfy a debt owed by the debtor. The sale is conducted by a government official, such as a sheriff, and the proceeds are used to pay off the debt owed by the debtor.
Examples:
- John owes $10,000 to a creditor and is unable to pay. The creditor obtains a court order for an execution sale of John's car to satisfy the debt. The sheriff conducts the sale and the proceeds are used to pay off the debt.
- Mary owes back taxes to the government and is unable to pay. The government obtains a court order for an execution sale of Mary's house to satisfy the debt. The sheriff conducts the sale and the proceeds are used to pay off the debt.
These examples illustrate how an execution sale is a forced sale ordered by a court to satisfy a debt owed by the debtor. The sale is conducted by a government official and the proceeds are used to pay off the debt.