When you are focused on winning your lawsuit, it can be easy to forget about the challenge that comes after successful litigation: actually collecting on your judgment amount. Few things are more frustrating than winning a judgment but realizing that getting your money is going to be nearly impossible.
That’s where a court-appointed receiver comes to the rescue. The receivership remedy is a valuable tool for judgment creditors who need to seize assets from reluctant and uncooperative judgment debtors.
What Is a Court-Appointed Post-Judgment Receiver?
A court-appointed post-judgment receiver is an individual appointed by the court in order to ensure that a judgment is satisfied. Post-judgment receivers are typically used by judgment creditors after their efforts have turned up unsuccessful.
One issue that hinders judgment creditors is that they have limited powers when it comes to investigating and seizing assets from judgment debtors; court-appointed receivers, on the other hand, have the authority of the court behind them. Post-judgment receivers are tasked with investigating, locating, and seizing the assets of a judgment debtor to satisfy a judgment. Some of the ways this can be achieved include seizing assets, freezing bank accounts, intercepting rents from tenants of property owned by a judgment creditor and swiftly liquidating assets, including real estate assets. Because the receiver has direct access to the debtor’s bank accounts and financial records, they can also seize cash and ensure that assets are not being transferred or hidden to avoid collection efforts. Often, receivers discover and trace additional assets that weren’t originally reported to the judgment creditor.
Griswold Law Offers High-Quality Receivership Services
The Griswold Law team is consistently appointed by courts to act as a post-judgment receiver to aid in the enforcement of civil judgments.
Recently, Receiver Richardson “Red” Griswold was appointed to enforce a 17-year-old civil money judgment by selling a single-family home owned by the judgment debtor. For nearly twenty years, the judgment debtor evaded payment of the judgment.
Here, Receiver Griswold was authorized by the court to hire a real estate broker to list the subject property. Mr. Griswold acts as the seller in the transaction and, after obtaining final court approval of the sale and its terms, closes escrow and distributes the sale proceeds as ordered by the court.
Watch our video below to learn more about this receivership.
To learn more about how post-judgment receivership can assist you in collecting your judgment amount, contact Griswold Law Receiverships.
