BulbasaurNoLikeCardio
18:10
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
levy of execution
Read a random definition: Tenancy for Years
A quick definition of levy of execution:
A levy of execution is when the government takes someone's property and sells it to pay off a debt they owe. This is done legally and is called a seizure. The money obtained from the sale is used to pay off the debt. It's like when a parent takes away a toy from a child who didn't follow the rules, except in this case, it's the government taking away property to pay off a debt.
A more thorough explanation:
A levy of execution is the legally authorized seizure and sale of property to obtain money to satisfy a debt. It is also known as a "levy" in this sense.
For example, if a person owes money to a creditor and fails to pay, the creditor can obtain a court order for a levy of execution. This allows the creditor to seize and sell the debtor's property, such as a car or house, to obtain the money owed.
Another example is when a government agency imposes a tax levy on a person's property to collect unpaid taxes.
Overall, a levy of execution is a legal tool used to enforce a debt or tax obligation by seizing and selling property.