What Is A Notice Of Levy
A Notice of Levy is commonly issued in the county of court. It informs you that a levy has been levied on your property and asks for the amount owed to be paid. The County Court Ordinance authorizes the levy and states how the money from the levy must be distributed. The amount may be recovered through a sale of the levied property, by way of court Proceeding or by way of mortgage. If the Sheriff or the Court Ordering Officer does not make the sale, the amount of the levy may be recovered from the borrower by a claim for recovery. The notice of levy does not stay on your property forever. A levy date is entered into the court records for the current date. If no levy is entered, a default judgment may be issued which will stay in place until a levy is entered. A lien can be placed on any property by the Court to secure the amount of the levy. If a default judgment is granted, the Sheriff will place a lien on the property. The lien may be renewed by showing cause to the Court.
What is a notice of levy and who receives it
A notice of levy will usually be given to the owner of the property by the Sheriff or a deputy sheriff. Service of the levy will be done by posting a duplicate notice of levy in the register of deeds office. There may be additional notices regarding deadlines. Service is usually accomplished by a letter sent certified mail with receipt of service. The amount of the levy is mentioned on the notice. The term “levy” typically refers to a civil penalty or fine. The amount may be recovered only if you are in default of the levy. The County Court Ordinance usually lists the amount of the fines that can be collected. These fines are in addition to the principal amount of the levy.
One other thing that you should know when you are going through the legalities of a notice of levy is the procedure for making a claim for a deficiency judgment. A deficiency judgment is when a creditor’s claim for the deficiency amount on a tax lien against the property is allowed to go to the tax court. If the court rules in favor of the creditor, the tax lien is dismissed and the creditor receives his/her payment. A notice of levy is used in situations where the creditor feels that a tax lien was properly made. A notice of levy, therefore, is used to remind the owner of the deficiency. So, as you can see, there are several things to know when you want to know what is a notice of levy. The first question is: what is a tax lien? The second is: what is a levy, and the third is: when do we send a notice of levy? If you have received a tax levy feel free to contact us and see how we can help.