execution sale

Học thuật
Thân thiện
execution sale

A sheriff conducts an execution sale of a debtor's furniture on the courthouse steps.

Definition
  1. Noun:
    • A forced sale of property: An "execution sale" is a specific type of public sale where property is sold by a law enforcement officer, typically a sheriff, to enforce a court judgment. The sale is conducted under the authority of a legal document called a writ of execution, and the proceeds are used to pay (satisfy) a debt or obligation that the property owner has failed to pay.
Usage
  • This term is used in a legal and financial context. It describes the final step in the legal process of enforcing a monetary judgment against a debtor who has not paid voluntarily.
  • The property sold is often real estate (like a house or land) but can also include personal property.
  • The purpose is to convert the debtor's property into cash to pay the creditor.
Examples
  • Noun:
    • The creditor obtained a writ of execution, leading to an execution sale of the debtor's farmland.
    • The house was sold at an execution sale to cover the unpaid business loan.
Advanced Usage
  • "to be subject to execution sale": to be liable to be sold in this manner.
    • If the judgment is not paid, all non-exempt assets may be subject to execution sale.
  • The process and rules governing execution sales are strictly defined by state or national law.
Variants and Related Words
  • Sheriff's sale: A common synonym for an execution sale, emphasizing the officer conducting it.
  • Judicial sale: A broader term for any sale of property under the order or authority of a court, which includes execution sales.
  • Foreclosure sale: A related but distinct concept; a foreclosure sale is specifically for recovering debt secured by a mortgage on the property, whereas an execution sale enforces a general money judgment.
Synonyms
  • Forced sale
  • Sheriff's sale
  • Sale under execution
Related Phrases
  • Writ of execution: The court order that authorizes the seizure and sale of the property.
  • Satisfy a judgment: To pay the amount owed as ordered by the court, which is the goal of the execution sale.
  • Levy on property: The legal act of seizing property to satisfy a debt, which precedes the sale.
execution sale

A sheriff conducts an execution sale of a debtor's furniture on the courthouse steps.

Noun
  1. a sale of property by the sheriff under authority of a court's writ of execution in order satisfy an unpaid obligation

Từ đồng nghĩa