The development of the internet and e-commerce in an increasingly globalized set of markets means that individuals routinely buy goods, incur debts and suffer loss and injury across state borders. For consumer groups, human rights advocates, intellectual property rights holders, and multinational corporations, the continuing reliance on a fragmented system of territorial boundaries for establishing jurisdiction is presenting a new range of problems that can only be resolved by harmonizing laws and standardizing remedies.
Foreign Money-Judgments Recognition Act
Many states in the US including California have adopted the Uniform Foreign Money-Judgment Act (“UFMJRA” or the “Act”) or some parts of it. Currently, more than half of the states have adopted some version of the Act.
UFMJRA applies to non-U.S. court judgments granting the recovery of a sum of money. While the Act does not extend recognition to judgments for taxs, fines or penalties and support judgment in matrimonial and family matters, a non-U.S court judgment will be recognized provided that it is final, conclusive and enforceable where rendered.
It means, upon meeting with certain prerequisites, a foreign creditor may recover a judgment rendered in a foreign court against the defendant creditor residing in the states where the Act is recognized.
LHP’s network of professionals carefully and zealously review the case on behalf of a foreign creditor client and find the best legal solution to enforce and recover the non-U.S money judgment against a debtor who resides in U.S.
Enforcement of Foreign Money-Judgments Recognition Act
If all the prerequisites for enforcement are met, the non-U.S court judgment will be converted to a state court judgment. Generally this is done either by commencing a new action in the state court or by a form of summary proceedings. Only after the non-U.S court judgment is domesticated and converted to a state court judgment does it become enforceable as a judgment.
LHP’s attorneys and network of professionals with its state-of-art expertise and skills prepares and