Once we win judgment on a Massachusetts debt collection lawsuit and receive the execution (appropriately named) from the court, we can direct asset seizure from the Sheriff, either holding or selling all or some of the debtor’s property.
However, before seizing assets, we search the records of the Secretary of State’s Office, Corporation Division to see if there are any creditors secured by a Uniform Commercial lien, the attaching creditor pay the entire amount of the secured debt. However, UCC security instruments have to be advanced every few years and a lien that is not properly advanced is not a lien.
Subject to existing liens, depending on the amount of equity available to pay your debt, we instruct the Sheriff to sell the debtor’s belongings with the net proceeds from the asset seizure paid to you!!
Sometimes just the presence of a deputy sheriff with an execution is enough to spur payment. Sometimes it is not, and a secured party sheriff sale is warranted.
Asset seizure is not limited to seizing and selling personal property. Once we have an execution, we can seize and/or sell the debtor’s saleable interest in real estate. Initially, we will direct the deputy sheriff to levy and suspend the sale of the piece of real estate. If we had obtained a prior real estate attachment, the levy would so call “marry” to the amount of the attachment.
In other words, if at the time of the allowed real estate attachment, there was just a mortgage following the deed into the debtor, and then during the time that the collection litigation was ongoing there were three more attachments and a mortgage, once we obtain judgment for you and have the execution recorded within thirty days of it being issued, the execution is not behind the subsequent attachments or mortgage. Instead, the execution leapfrogs every attachment and mortgage after your initial attachment up to the amount of the court allowed attachment. That means that if you were to sell the property at a sheriff’s sale, although your execution is recorded after the three subsequent attachments and one subsequent mortgage, you get paid before the later attaching creditors.
Although this power is subject to certain statutory exemptions, the right to seize and sell is an important weapon in our collection arsenal. Choose Aggressive, Relentless, Ethical, and Effective Business Debt Collection in Boston and throughout Massachusetts. Call (508) 620-6900 or email email@example.com.