levy

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Levy

1. To impose an obligation to pay. For example, a government may levy a tax.

2. To collect what is owed. For example, a creditor may levy a debt, meaning that it may collect it from the debtor.
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levy

(1) To assess. One may levy a tax or fine, which means to impose it. (2) To seize or collect, as when a creditor levies on assets by execution.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.