What is a Writ of Attachment?
A writ of attachment is defined as a pre-judgement remedy that can allow the plaintiff to attain assets from the defendant to secure a recovery from a lawsuit, which included a claim that money was owing. There are a few provisions the plaintiff must satisfy in order to obtain such a writ of attachment. First, the money must be based on a written or implied contract. Second, the amount of money requested must be a fixed or a readily ascertainable amount (defined as under $500) exclusive of other costs like attorney fees.
Furthermore, the plaintiff must prove the probable validity of the claim, the attachment cannot be for any other purpose than a recovery, and the amount of attachment must be greater than zero.
Examples of Attachable Property
Some examples of attachable property are the following: farm products, inventory, equipment, final money judgements arising out of defendant’s conduct of trade, business or profession, homestead exemption, any interest in real property, accounts receivable arising out of conduct by defendant of trade, business, or profession except claims with principal balance of less than $150.
Advantages and Disadvantages
A possible disadvantage is that the amount is too small. If the attachment has too low of a dollar value, it may not be worth it to obtain a writ of attachment. Furthermore, if it is known that the defendant does not have enough assets, then an attachment proves disadvantageous.
Advantages of writ of attachments include gaining a secure position in order to gain priority over unsecured creditors, and have a final judgement that is enforceable against the property. Furthermore, attaining a writ of attachment can help advance a settlement.