What Is a Notice of Levy?

A notice of levy is a document that apprises a debtor that a judgment creditor has applied to a court for permission to attach or levy his assets or real property as a means with which to satisfy the creditor's judgment for money damages.

Judgment Required

In order to levy or attach a person's assets or property, a plaintiff first needs to obtain a judgment issued by a court of competent jurisdiction against a defendant.

Enforcing a Judgment

Once he secures a judgment, a plaintiff becomes a judgment creditor and can avail himself of the post-judgment collection procedures authorized by law.

Attachment of Debtor's Property

The legally sanctioned collection procedures available to a judgment creditor include attaching a debtor's bank accounts, placing a lien against his real property or garnishing his wages.

Notice of Levy Required

In most jurisdictions, in accordance with the rules of the court which made the judgment, the debtor must receive notice that the judgment creditor intends to attach his assets or property. This notice is commonly referred to as a notice of levy. This notice is commonly referred to as a notice of levy.

Dissolving the Attachment

A debtor can seek to have the levy dissolved by tendering payment to the judgment creditor for the amount of the judgment, or in some cases, by entering into a satisfactory payment arrangement with the judgment creditor.

References

• levy legal definition of levy. levy synonyms by the Free Online Law Dictionary.