Levy Law and Legal Definition
Levy is a term that is subject to different meanings. It may refer to the taking of property upon a writ of execution issued by a court to in order to pay off the money owed on a judgment by the loser in a lawsuit (judgment debtor). The levy is actually made by a sheriff or other official at the request of the holder of the judgment and the property will be sold at a sheriff's sale to raise money to be applied to the unpaid judgment. States statutes exist, which vary by state, providing for notice to the judgment debtor prior to enforcing a levy on property.
Levy may also refer to the act of assessing a tax on property, sales, or other transactions by a governmental legislative body, such as a board of supervisors or commissioner.
