Judgments Flashcards
A creditor gets a judgment when…
a court declares debtor is liable to creditor for the payment of some sum of money.
Judgment gives the creditor the right to use _______ ________ when collecting payment.
Coercive process
(i.e. they get law enforcement to take debtor’s wealth)
Judgments are paid by obtaining a lien on the debtor’s property, and then converting that lien into…
money, usually by levying on the property.
Virginia courts do not order debtors to pay debts with threat of _____
contempt of court, i.e. jail.
What’s the one exception to Virginia’s debtor’s prison law?
child support obligations
A judgement rendered by a Virginia court is valid for…
20 years,
A Virginia judgment can be extended by…
filing a motion to extend in the court that issued the original judgment.
An extended judgment is good for…
another 20 years.
A judgement is also a cause of action, so you can…
file a new action based on the old judgement.
(e.g., you have a judgement that cannot be refreshed in Kentucky. File it in Virginia and you can get a fresh judgment)
Federal court judgments enjoy all the remedies of…
State court judgments under Virginia law.
Sister state judgments must be _________ before you can use them in the Commonwealth to attach a debtor’s Virginia property.
domesticated
How do you domesticate a sister state’s judgment?
- Register the foreign judgment in the court where enforcement is sought.
- Give written notice to the debtor.
As it pertains to sister state judgments, Virginia has adopted…
the Uniform Enforcement of Foreign Judgments Act.
