Attachment

DEFINITION of 'Attachment'

A legal term referring to the action of seizing property in anticipation of a favorable ruling for a plaintiff who claims to be owed money by the defendant.

BREAKING DOWN 'Attachment'

This is a preliminary procedure, meaning that property is seized before a final ruling is delivered. The seizure may prove unwarranted if the court rules in favor of the defendant.

Often real estate, vehicles and bank accounts are seized under these circumstances. A judge will seize such property when there is a good chance that the plaintiff will win the case and a high probability that the defendant will flee and not pay a court ordered settlement. However, if the attachment proves to have been unnecessary, the court must pay the defendant a bond to cover any damages the seizure caused.

RELATED TERMS
  1. Writ of Attachment

    A form of prejudgment process in which a court orders the attachment ...
  2. Waiver Of Exemption

    A provision in a consumer credit contract or loan agreement that ...
  3. Covenant Not To Execute

    A lawsuit agreement in which the plaintiff agrees not to execute ...
  4. Treble Damages

    A law that permits a court to triple the amount of damages awarded ...
  5. Default Judgment

    A binding judgment issued by a court in favor of the plaintiff ...
  6. Unintentional Tort

    A type of unintended accident that leads to injury, property ...
Related Articles
  1. ETFs & Mutual Funds

    What This Market Timing Ruling Means for Investors

    What the Janus Supreme Court ruling on market timing means for investors and advisors.
  2. Personal Finance

    Tax Court: Your Last Resort

    Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.
  3. Markets

    What is a Free Rider Problem?

    In economics, the free rider problem refers to someone being able to get, for less or even for free, what others pay more for.
  4. Investing

    E&Y Auctioning Last of Seized Bitcoin from Silk Road

    Auditing firm Ernst & Young will be auctioning off the last of the pirate booty seized from the black market site once known as Silk Road.
  5. Personal Finance

    Sell Your Rental Property For A Profit

    Being a landlord can be taxing, especially when you want to sell. Find out how to reduce your burden.
  6. Personal Finance

    Equity Stripping Leaves Creditors Empty-Handed

    Add additional debt to your real estate assets to keep the creditors at bay.
  7. Trading

    So, You Want To Take Your Broker To Court

    Find out how to file a claim with your broker and what you can expect throughout the process.
  8. Personal Finance

    Foreclose On High Housing Prices

    Foreclosed homes may be financially appealing, but there are many obstacles to consider before buying.
  9. Retirement

    State Laws Dictate Division Of Joint Property

    In breakup, divorce or death, community or common law will determine how property is divided.
  10. Managing Wealth

    How Does a Tax-Free Exchange Work?

    In regards to the sale of property, particularly in real estate, a 1031 exchange is increasingly being recognized for its tax benefits to investors of all levels.
RELATED FAQS
  1. Can the IRS take your house?

    Understand why a person would have his home seized by the IRS and what he can do to avoid it. Learn about the seizure process ... Read Answer >>
  2. Can my 401(k) be seized or garnished?

  3. If I have a wage garnishment for student loans and cash in my 401k, will all or part ...

    Both my private and federal student loans are in default. I don't get a tax return any more, but I... Read Answer >>
  4. How does securitization play a role in the implementation of PACE financing?

  5. Can a creditor seize my retirement savings?

    Whether a creditor can seize your retirement savings will depend on the type of account in which you are holding your retirement ... Read Answer >>
  6. Can my boss pay off some debts and declare the others in bankruptcy?

Trading Center