Business, Legal & Accounting Glossary
n. the seizing of money or property prior to getting a judgment in court, in contemplation that the plaintiff will win at trial (usually in simple cases of money owed) and will require the money or property to cover (satisfy) the judgment. The Supreme Court has ruled that an attachment may be made only after a hearing before a judge in which both sides can argue the danger that the party being sued (defendant) is likely to leave the area or otherwise avoid probable payment. A temporary attachment may be allowed by court order without both parties being present based on a declaration of the party wanting the attachment that there is clear proof that the defendant is going to flee. The court must also require a bond to cover damages to the defendant if the attachment proves not to have been necessary. Before the hearing requirement, pre-judgment attachments were common in which automobiles and bank accounts were held by the sheriff merely upon the plaintiff seeking the attachment getting a writ of attachment, posting a bond.
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This glossary post was last updated: 26th April, 2020 | 0 Views.