March 7, 2006
If you have ever had to file a lawsuit to collect a debt, you will agree; the bottom line is getting paid. Quite simply, if you are owed money, you are not concerned with legal theories or whether or not your attorney puts forth a strong case at trial. The concern is that the customer pays for the goods and services that you provided.
There is a common misconception that if a jury renders a verdict in your favor, you automatically get paid. In the absence of insurance coverage, nothing can be further from the truth. A judgment is merely a piece of paper; it is your responsibility to turn it into cash. Had you had an Attachment on Trustee Process at the beginning of the lawsuit, the task is much easier.
Trustee process is a legal mechanism by which a Plaintiff can attach, or seize, the property of the Defendant while it is in the possession of a Third Party, which is most likely a bank. This property can be applied to satisfy a future judgment. It prevents the Third Party, called a Trustee Defendant, from transferring the property to anyone, including the Defendant. In short, you can "freeze" a Defendant’s bank account...
You may read more at the link below.
by: Adam J. Basch, Esq.
February 6, 2006