DEFINITION of Writ Of Seizure And Sale
A writ of seizure and sale is an order issued by a court that allows the petitioner (usually a creditor) ownership of certain property and the ability to sell it once it has taken possession. Writs of seizure and sale are used to take possession of property when a borrower is in default and allows the petitioner to use the assistance of law enforcement in seizing the property.
BREAKING DOWN Writ Of Seizure And Sale
A writ of seizure and sale can't be obtained after a few missed payments. Instead, it's an aggressive move made when a borrower has ignored all other attempts at collection and defaulted on a debt.
Seized property may be sold at a low price in order to quickly recoup some losses.
When a writ of seizure is obtained, a judgment creditor is entitled as of right without the leave of the court and without notice to the judgment debtor to issue execution. However, the court has power in certain circumstances to stay such execution.