What Are Judgments Worth?
I am not a lawyer, but I have observed all sides of the judgment business
, and countless judgments. Recently a court in Indiana defined a final judgment to generally be equivalent to cash, even though the majority of federal and state courts have consistently disagreed with this assertion.
An isolated decision in one court may affect the opinions of other courts, judges, UPL (Unauthorized Practice of Law) committees, and bar associates. Such entities focus on the varying opinions about what legally constitutes an outright judgment purchase.
With any payment arrangement other than a cash up-front outright full purchase, there is a misinformed perception that such a purchase might possibly be UPL (the Unauthorized Practice of Law).
When one considers what constitutes an outright purchase of a judgment, one should look closely to what a judgment really is from the day of award all the way to the day there is a possible judgment satisfaction.
Except for those new to judgments, most people know getting a judgment means almost nothing financially, and an eventual successful recovery of the judgment means everything.
When a judgment is awarded by a court it is nothing more than a piece of paper with a stated amount. A judgment details the dollar amount of principle owed, the court costs, interest, and possible attorney fees, with a total dollar amount owed. A paper judgment, without a successful enforcement against a debtor with assets, is worth almost nothing.
For some reason some attorneys, bar associations, UPL committees, Original Judgment Creditors (OJCs), and even new Judgment Enforcers seem to perceive the value of a judgment as if it were a certificate of deposit, stock certificate, savings bond, cashiers check, or money order. It's almost as if people think they can redeem a judgment for cash at a bank.
Judgments are not negotiable instruments, and they never will be redeemable at anything close to face value for cash. It;s almost as if the words "non-negotiable" are written on judgments in big red letters.
Ultimately the only person with the ability to turn a worthless judgment into cash is none other than the judgment debtor.
No one, whether they be a Judgment Enforcer, an attorney, or a collection agency; can really force a judgment debtor to pay, unless they find, and have the sheriff seize the debtor's available assets. Even then, the debtor has some control of the situation through claims of exemption and bankruptcy laws.
Enforcing or purchasing a judgment is only the beginning of a process, not the end itself, as many bar associations seem to believe. When a Judgment Enforcer pays more than a penny for a judgment, it's often the case they have may have already paid too much.
When a Judgment Enforcer purchases a judgment, they purchase all rights and title to the judgment, with a purchase agreement, signed by both the Judgment Enforcer and the Original Judgment Creditor (OJC). This memorializes an outright purchase.
The private payment terms between a Judgment Enforcer and an OJC should not become a consideration for a court or any other entity.
Even bar associations recognize outright purchases of all rights and title to a judgment as meeting the requirements for an outright purchase, without being even remotely related to UPL.
by: Mark Shapiro
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