Maine Revised Statutes Title 14 Sec. 4751 – Goods sold on execution
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Terms Used In Maine Revised Statutes Title 14 Sec. 4751
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Statute: A law passed by a legislature.
All chattels, real and personal liable at common law to attachment and not exempted therefrom by statute, may be taken and sold on execution as prescribed in this subchapter and subchapter 4. Credits of a sole proprietorship doing business under an assumed or trade name, partnership, limited liability company or corporation, other than payroll accounts expressly so designated to the credit holder by the account owner, may be taken on execution by an officer and turned over to the judgment creditor to be applied to the judgment, together with interest and costs. [PL 2007, c. 88, §2 (AMD); PL 2007, c. 466, Pt. B, §19 (AFF).]
SECTION HISTORY
PL 1983, c. 125, §6 (AMD). PL 1985, c. 187, §5 (AMD). PL 2007, c. 88, §2 (AMD). PL 2007, c. 466, Pt. B, §19 (AFF).