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The Curious Bag
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A levy is legal procedure used by judgment creditors to attach the assets or real property of a debtor in order to secure the payment of their judgment for damages.
Identification
In the context of post-judgment collection procedures authorized by law, a levy is also commonly referred to as a lien or an attachment.
Creditor Must Obtain Judgment
Before a creditor can attach the assets, garnish the wages or place a lien on the real property of a debtor, he must first obtain a judgment against the debtor defendant from the court in which the civil action was filed.
Post-Judgment Procedures
Once a plaintiff obtains a judgment against a defendant for money damages, he becomes a judgment creditor and can utilize the attachment procedures approved by the rules of the court that issued the judgment.
Execution
In most jurisdictions, a judgment creditor must ask the court to issue an execution, which is a court document that signifies that the judgment creditor is entitled to the money damages as stated therein.
Effects
When a judgment creditor attempts to attach the debtor's assets or put a lien on his property, he is said to be "levying on the execution."
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