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.

Noun

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