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LSDefine
Simple English definitions for legal terms
judgment receiver
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A quick definition of judgment receiver:
A judgment receiver is a person appointed by a court to collect money from someone who owes it to another person. This usually happens when it's hard to get the money in any other way. The judgment receiver takes the money from the person who owes it and gives it to the person who is owed. It's like a grown-up version of a teacher taking away a toy from a student who won't share it and giving it to another student who deserves it.A more thorough explanation:
A judgment receiver is a person appointed by a court or corporation to protect or collect property that is being litigated or belongs to a bankrupt. They are responsible for collecting or diverting funds from a judgment debtor to the creditor. This is usually done when it is difficult to enforce a judgment in any other manner.
- If a company goes bankrupt, a judgment receiver may be appointed to collect and distribute its assets to its creditors.
- If a person owes money to another person but refuses to pay, a judgment receiver may be appointed to collect the funds and give them to the creditor.
These examples illustrate how a judgment receiver is appointed to protect or collect property that is being litigated or belongs to a bankrupt. They are responsible for ensuring that the assets are distributed fairly to the creditors or the rightful owners.