California Bank Levy Laws That May Affect Your Judgment Collection
This article points out some judgment-related rules and laws in California. California’s judgment-related laws are most often within the California Code of Civil Procedures, abbreviated as CCPs. In time statutes change, so please validate all laws prior to doing something about it. This is not legal assistance and we are not attorneys, but we could help you protect your judgment collection.
California Judgment Collection Laws
California CCP 685.020: The rate that California judgments accumulate interest: A: Interest accumulates at the rate of 10 percent per year on the primary amount of a money judgment remaining. B: The Legislature reserves the right to change the rate of interest at any time to a rate of less than 10 percent annually, regardless of the date of entry of the judgment or the date any commitment upon which the judgment is based was sustained. A modification in the interest rate can be made relevant just to the interest that accumulates after the operative date of the statute that changes the rate.
California CCP 699.020: At any time after distribution of a writ of execution to a levying officer and prior to its return, an individual indebted to the judgment debtor is able to pay the levying official the amount of the debt or as much as is required to satisfy the judgment. The levying officer shall give a receipt for the quantity paid and such receipt is a release for the amount paid.
California CCP 699.080: Search on the internet for “CCP 699.080” to see the complete text of this law, or any type of California laws mentioned in this article. This law describes how, after a debtor’s possessions are approved for levy by a Sheriff; a registered process server may serve a writ to levy all sorts of assets, consisting of uncommon scenarios such as removed mineral rights, and regular assets such as private property, realty, bank deposits and the like. This law also specifies waiting durations, how writ of executions are handled, and exactly how notices need to be sent out. Remarkably, in section 4-G, this statute states “A registered process server can levy several times under the same writ of execution, as long as the writ is still official”. This seems to contradict most California levy situations where one just gets one opportunity, for instance, if a bank levy seizes the debtor’s assets just once, at the minute a levy is served on their bank.
California CCP 699.510: Search on the web for “CCP 699.510” to see the full text of this statute. In recap, this statute states that writs have to be provided for the certain county where the judgment debtor’s assets are residing. In exceptionally rare situations, where writs of execution from numerous owners are requested from a court at the same time, for the same judgment debtor; writs of execution on household court judgments are offered a higher concern at the court clerk’s office. Writs of execution last for six months, unless made use of to actively levy salaries, in which case they generally last as long as either the debtor’s employment, or the judgment continues to be unsatisfied. Additionally pointed out, are information of writs of execution, affidavits of identity, and penalties for creditors that retain possessions taken from the wrong person.
California CCP 699.520: Use the web to look for “CCP 699.520” to see the complete text of this statute. In recap, this statute specifies the info that actually needs to be consisted of on writs.
California CCP 699.520: (a) Upon service of the writ of execution to the levying official to whom the writ is directed, together with the written directions from the judgment creditor, the levying agent shall perform the writ in the way recommended by law. (b) The levying agent can not levy upon any home under the writ after the termination of 180 days from the date the writ was ordered.
California CCP 700.010: (a) At the time of levy or promptly thereafter, the levying officer shall serve a copy of the following on the judgment debtor: 1. The writ of execution. 2. A notice of levy. 3. If the judgment debtor is a naturalized person, a copy of the form of listing exemptions prepared by the Judicial Council pursuant to subdivision (c) of Section 681.030 and the listing of exemption quantities released pursuant to subdivision (d) of Section 703.150. 4. Any affidavit of identity, as defined in Section 680.135, for names of the debtor stated on the writ of execution. Service of process under this area shall be made in person or by mail.
California CCP 700.160: Use the web to search for “CCP 700.160” to see the full text of this law. This law points out the time frame for banks to pay what is owed to the Sheriff, and covers scenarios where a safety-deposit box or bank account is levied in some name other then the debtor, and how fictitious name statements are taken care of. This law only covers cases involving unexpired fictitious business name statements, and does not deal with or mention the usual case of debtors running businesses using expired fictitious business names.
If you’d like to move forward with a judgment collection, we can help with:
New California Assembly Bill 2364 requires your judgment order to be served to a centralized Bank of America location that we deliver to several times a day.
If you’d like your order delivered tomorrow, give JPL Process Service a call today at (866) 754-0520.
If you want to get more understanding on the subject you will need help of specialists in Financial Literacy Atlanta.