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Legal title: Objective in judicial dunning proceedings
A legally binding title is the document that the entire judicial dunning procedure is aimed at obtaining. Such a title is valid for a full 30 years and gives its owner (the creditor) access to the debtor's assets for just as long. In this blog post we show what is important for a legally binding title and how the title actually turns into money.
The entry into the judicial dunning procedure is always the entry into the acquisition of a title. Because basically there are exactly three possibilities in the judicial dunning procedure, how an unresolved claim matter can develop:
- The debtor pays after he has received the order for payment or the enforcement order
- The debtor files an objection or objection, and the claim goes through the litigation
- The debtor does not act at all, and the title is deemed to have been obtained with the uncontested enforcement order
Depending on how a matter of claim creditors have either a final title, their money, or a lawsuit in prospect. But even if the matter develops in the direction of a process, there is a legally binding title in the room. Because even Comparisons, Judgments and Resolutions to fix costs are considered a title under German law. This means that holders of such documents have the same access to the debtor's assets as holders of titles from the court order for payment procedure.
A title secures the outstanding claim, but is not yet cash. In order to actually make money out of a legally valid title, there are several decisive factors:
- continuous credit monitoring
- Knowledge of constitutional access options, e.g. in foreclosure
- Professionalism in debt communication
- Patience and persistence because getting a title to life can be a lengthy process
When dealing with a legally binding title once it has been obtained, professionalism and continuity are essential. Because only if the work on existing titles is carried out in a targeted manner, there is a good chance of converting it into cash and covering outstanding claims from debtors' assets.
A legally binding title is a mandatory requirement in post-court claims management, even if it is not yet an end point in an unpaid claim. In order to make money from a title, you need professionalism and perseverance in order to use access options in a targeted manner.
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