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Simple English definitions for legal terms
executory process
Read a random definition: incendiary
A quick definition of executory process:
An executory process is a legal procedure that can be used by a creditor to seize and sell property in order to satisfy a debt. This process can be used when the creditor has a mortgage or privilege in their favor, or when they are seeking to enforce a judgment that has been rendered by a different court. It is a summary and accelerated procedure that allows the creditor to take action without the involvement of the debtor.
A more thorough explanation:
Executory process is a legal procedure that can be used in two situations:
- When a creditor has a right to a debt that is secured by a mortgage or privilege, and the debtor has not paid the debt. The creditor can use executory process to seize and sell the property that is secured by the mortgage or privilege to recover the debt.
- When a creditor has obtained a judgment against a debtor in one court, but the debtor has not paid the judgment. The creditor can use executory process to enforce the judgment by seizing and selling the debtor's property.
For example, if a person takes out a loan to buy a car and uses the car as collateral for the loan, the lender can use executory process to seize and sell the car if the borrower does not make the loan payments. Similarly, if a person is sued and a judgment is entered against them, the creditor can use executory process to seize and sell the person's property to satisfy the judgment.