Grab Law

• Author: Jeffrey Lehman, Shirelle Phelps

Page 122

State statutory provisions and common-law principles that govern the aggressive use of legal and equitable remedies, such as attachment and GARNISHMENT, by creditors to collect payment from debtors.

State laws governing debtor and creditor transactions emphasize the importance of prompt action by creditors to ensure payment of the debtor's outstanding debts. For example, the first creditor to attach the debtor's property is most likely to be paid. The quicker the creditor acts to seize or "grab" the debtor's assets, the greater the chance the creditor's claims will...