HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
poundage fee
Read a random definition: place-of-wrong law
A quick definition of poundage fee:
A poundage fee is a type of commission paid to a sheriff for collecting money through legal means, like when someone owes money and a court orders the sheriff to collect it. The fee is a percentage of the amount collected and is meant to compensate the sheriff for their work.
A more thorough explanation:
Definition: A poundage fee is a commission paid to a sheriff for recovering money through legal means, such as an execution or attachment. The fee is usually a percentage of the amount recovered.
Example: If a sheriff is tasked with collecting a debt of $10,000 through an execution, and the poundage fee is 5%, the sheriff would receive $500 as commission for successfully recovering the money.
Explanation: Poundage fees are a way for sheriffs to be compensated for their efforts in recovering money through legal means. The fee is usually a percentage of the amount recovered, which incentivizes the sheriff to work harder to collect as much money as possible. In the example given, the sheriff would receive $500 as commission for successfully recovering the $10,000 debt, which is 5% of the total amount.