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The Property Execution is an instrument used by the sheriff to seize (or "levy" upon) assets of the debtor other than earnings, salary or wages. The type of property targeted will determine the type of Property Execution to be used. Any personal property, not exempt from the application to the satisfaction of a money judgment, can be levied upon by the sheriff. The judgment creditor must provide documentation establishing the debtor's interest in the targeted property and must provide information sufficient for the sheriff to properly identify it. Due to the specific nature of property executions, and numerous exemptions involved, it is strongly suggested that creditors seek legal advice. This can help to ensure that the proper forms are used, all documentation is in order, and determine whether this is a cost effective route of collection.
All Property Executions must indicate whether or not proper notice has been given to the judgment debtor as set for in CPLR §5323(c). If the notice has not been served and you wish for the Sheriff to do so, you must include two copies and $15.00 service fee.
When contemplating a Property Execution against real property, please contact the Civil Division for fees and required documents.
Poundage and Interest
In addition to the judgment amount awarded by the court, the following will be collected from the debtor:
♦ Interest from the date of judgment at 9% per annum. Interest continues to accrue until the judgment is satisfied.
♦ Poundage (Sheriff's fee) at a rate 5% on each payment collected as well as settlements made on an account.
Satisfactions and Settlements
♦ Once the judgment and associated fees, interest and poundage are fully paid, the Sheriff will so note his files and close the account. A copy of the Income Execution endorsed as "satisfied will be mailed to the Clerk of the Court. A copy of the endorsed Income Execution will also be returned to the attorney/creditor.
♦ Parties to an Income Execution may settle at any time upon such conditions or circumstances they agree to. However, if the Sheriff has levied, the Sheriff is due poundage at 5% of the settlement amount, or the judgment amount, whichever is less. The parties must take this into consideration when discussing settlement.