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Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. [1] A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.
attachment lien—a lien on property seized by pre-judgment attachment. attorney's lien—the right of an attorney to retain a client's papers until the attorney's fees have been paid (also referred to as a charging lien, solicitor's lien or a retaining lien in some jurisdictions).
The writ of attachment is issued in order to satisfy a judgment issued by the court. A prejudgment writ of attachment may be ordered in a legal action where a plaintiff has demonstrated meritorious allegations, fraud in the underlying action, or that defendant may attempt to dispose of or hide assets from the court.
Attachment is not dependent, as is arrest in rem, on the existence of a maritime lien or preferred mortgage lien, but necessitates merely an in personam claim against the defendant which falls within U.S. admiralty jurisdiction. [4] It does not require the applicant to show that the attachment is necessary to satisfy a potential judgment. [10]
A security interest becomes enforceable against the collateral as soon as it attaches. Attachment requires three things: (i) that the debtor have rights in the collateral or the power to convey rights; (ii) that value be given; and (iii) in most cases, that the debtor have authenticated a security agreement that adequately describes the collateral.
Failure to give notice results in the lien remaining attached to the real property after the sale. Therefore, it is imperative the lender search local federal tax liens, so that if parties to the foreclosure have a federal tax lien filed against them, the proper notice to the IRS is given.
Key takeaways. If you’re facing foreclosure, the right of redemption gives you a legal pathway to keep or regain your home, by paying back the entire outstanding loan, plus interest and fees.
A fieri facias, usually abbreviated fi. fa. (Latin for that you cause to be made), is a writ of execution after judgment obtained in a legal action for debt or damages for the sheriff to levy on goods of the judgment debtor. [1] [2] The term is used in English law for such a writ issued in the High Court.