judgment-proof

judgment-proof

Having no assets out of which a judgment may be satisfied. In some states, a judgment debtor may have substantial assets, but they are legally beyond the reach of creditors. In other states, judgments can remain liens against property for as long as 20 years.Today's judgment-proof debtor may be wealthy in 5 or 10 years and have assets that can be seized at that time.
References in periodicals archive ?
Where a plaintiff has filed a motion for advancement from the defendant corporation of the counsel fees and expenses that he incurred in prosecuting his appeal of a jury verdict, the plaintiff's right to further advancement of his litigation expenses can only be determined after an evidentiary hearing to consider whether he has unclean hands as a consequence of engaging in fraudulent transfers and other actions undertaken to render himself judgment-proof.
To put this argument in its honest terms, defendants argue that a judgment-proof defendant's citizenship may be ignored for jurisdictional purposes.
"judgment-proof problem." (32) Liability can be further
The person who injured you is judgment-proof. They have no assets to satisfy any judgment your lawyer might obtain against them.
Assuming the best-case scenario, in which the delinquent tenant is able to be located, properly served, tried and a judgment acquired, management must still collect from someone that is most likely "judgment-proof' (because of their dire financial situation).
In the world of claims, we refer to such people as judgment-proof since they likely don't have the assets to pay even a portion of this verdict.
If the Almeidas have no intention of returning to the U.S., the result could be a default judgment against the Almeidas who seem to be doing all they can to be judgment-proof.
From a pure business perspective, if a company can immediately settle a patent infringement lawsuit for $50,000-$100,000, it makes no sense to spend eight to 10 times that amount just to get through summary judgment, especially against a judgment-proof patent troll.
Instead, the beneficiaries of the Swaffar Trust, Sandra Carol Swaffar and her daughters, Ashley Brook Swaffar and Rhonda Swaffar, discovered that Henry used the money to pay off his home in an attempt to make himself judgment-proof.
Another of the articles looks at a paradigmatic case of unintended consequences, namely the way in which limited liability perversely incentivizes corporations to render themselves 'judgment-proof' by engaging in asset-stripping.
statement that she and her husband were judgment-proof; in fact, most
Brafman said that even if Diallo wins her lawsuit, his client is 'virtually judgment-proof, because he has no real wealth.'