ATTACHMENT OF PROPERTY Meaning and
Definition
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Attachment of property refers to a legal process by which a person's property is seized or confined by a court order in order to secure a debt or claim against the owner of the property. It is a mechanism employed by creditors to enforce their rights and obtain satisfaction of their claims.
In this process, the court issues a writ of attachment, allowing the officer of the court to take possession or control of the property until the debt is paid or the claim is resolved. The main purpose of attachment is to prevent the debtor from disposing of or transferring assets that may be used to satisfy the creditor's claim. By attaching the property, the creditor gains a legal interest over it, effectively converting an unsecured claim into a secured one.
Property that is subject to attachment can include a wide range of assets, such as real estate, vehicles, bank accounts, stocks, or personal belongings. However, there are certain limitations and exemptions to what can be attached, often depending on the jurisdiction and specific laws governing the process.
Attachment of property can be sought through a court application or as a result of a judgment against the debtor. Once attached, the property may be sold or liquidated by the creditor to repay the debt. It is important to note that attachment of property is a legal process governed by specific rules and procedures, designed to ensure fairness and protect the rights of both creditors and debtors.
