Writ Of Execution

DEFINITION of 'Writ Of Execution'

A legal term that describes a court order that is granted in order to satisfy a judgment awarded to a plaintiff in a court of law. If a court issues a writ of execution, usually a local sheriff is charged with taking possession of property owned by the debtor. The property can then be sold in a sheriff's sale, with the money (or portion) from the sale given to the plaintiff to satisfy the terms of the judgment.

BREAKING DOWN 'Writ Of Execution'

A writ of execution is necessary when a defendant is required by law to make a payment to a plaintiff, but will not do so voluntarily. The writ of execution allows the sheriff to collect property that can be sold to produce funds for repayment. In certain cases, the debtor's bank account can be accessed. Certain funds of a debtor may be off limits to debt collectors even with a writ of execution, including Social Security income, IRA money and unemployment income.

RELATED TERMS
  1. Writ

    A legal document written by a judge or other body with administrative ...
  2. Writ of Attachment

    A form of prejudgment process in which a court orders the attachment ...
  3. Writ Of Seizure And Sale

    An order issued by a court that allows the petitioner (usually ...
  4. Sheriff's Sales

    A term used to refer to distressed public property auctions. ...
  5. Judgment Lien

    A court ruling that gives a creditor the right to take possession ...
  6. Default Judgment

    A binding judgment issued by a court in favor of the plaintiff ...
Related Articles
  1. Term

    What's a Debtor?

    A debtor​ is an individual or company that owes money.
  2. Investing News

    FBI Says It Has Another Way Into Shooter's iPhone (AAPL)

    In a surprising development, the Department of Justice said Monday in a court filing that the FBI may have found another way to bypass security measures on an iPhone used by San Bernardino shooter ...
  3. Home & Auto

    Equity Stripping Leaves Creditors Empty-Handed

    Add additional debt to your real estate assets to keep the creditors at bay.
  4. Oracle Battles Google for 9.3B in Damages

    Oracle and Google head to court to decide whether or not APIs are covered under fair use in copyright.
  5. Products and Investments

    Money Market Funds: Still the Best Choice?

    A number of plan sponsors are facing lawsuits filed by participants centering around the low returns of money market funds.
  6. Economics

    The Court Cases That Have Shaped US Sales Tax Law: How They Apply Today

    Explore two Supreme Court cases that established legal precedent for the treatment and apportionment of sales taxes at the state level.
  7. Options & Futures

    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. Credit & Loans

    Inside Secrets of the Debt Collection Business

    Understanding how the debt collection business works will give you a better chance of coming out ahead if you ever have to tangle with a collection agent.
  9. Home & Auto

    The Complete Guide To Becoming A Landlord: Hiring A Property Manager

    A property manager can perform such duties as marketing your rental property, selecting tenants, maintaining the property, creating budgets and collecting rent. You may consider hiring a property ...
  10. Economics

    How Property Rights Affect Economies

    Property rights are laws governments create that enable investors to control, benefit from, and transfer property.
RELATED FAQS
  1. What is the Writ of Mandamus?

    Learn how the powerful, but rarely used, court-ordered writs of mandamus can end an injustice and force someone, or a public ... Read Answer >>
  2. How do debt collection agencies make money?

    Find out how a collection agency makes money, what rules it is bound by, and when it can take a pay check or garnish a bank ... Read Answer >>
  3. Can a creditor sue me for a delinquent account?

    Learn what happens when an account is delinquent and read about the regulations that protect consumers who have delinquent ... Read Answer >>
  4. Can debt collectors add fees to my debt?

    Find out when a debt collector is legally allowed to charge interest and fees on a past-due debt and if a debtor can contest ... Read Answer >>
  5. What effect did the Bankruptcy Abuse Prevention and Consumer Protection Act of 2 ...

    Credit card companies and banks hate deadbeats who take from their bottom lines. They especially dislike the Chapter 7 bankruptcy ... Read Answer >>
  6. Why are credit cards able to charge such high interest rates compared to other lenders?

    A true financial horror story began on Halloween in 1978. On that date, the Supreme Court began hearing Marquette National ... Read Answer >>
Hot Definitions
  1. Physical Capital

    Physical capital is one of the three main factors of production in economic theory. It consists of manmade goods that assist ...
  2. Reverse Mortgage

    A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage ...
  3. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  4. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  5. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  6. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
Trading Center