What is third-party suit against legal action in SAP FS-CMS - Collateral Management System?

SAP Term: third-party suit against legal action

• Component: FS-CMS

• Component Name: Collateral Management System

• Description: An action that the owner can bring against an object, if that object is currently in the temporary possession of another person a tenant, for example and is seized by a bailiff on behalf of the creditor. This is in line with § 771 of the Civil Procedure Code. A third-party suit against legal execution renders foreclosure inadmissible.

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• Key Concepts: 
  Third-party suit against legal action is a process in which a third-party initiates legal action against a debtor in order to recover a debt. This process is used in the FS-CMS Collateral Management System (CMS) to ensure that creditors are able to recover their debts in the event of default. 
  
  How to use it: 
  In the FS-CMS Collateral Management System, third-party suit against legal action is initiated when a debtor fails to pay their debt. The creditor can then initiate legal action against the debtor in order to recover the debt. The CMS will then monitor the progress of the legal action and provide updates on the status of the case. 
  
  Tips & Tricks: 
  It is important to ensure that all necessary documents and information are provided when initiating a third-party suit against legal action. This will help ensure that the case is handled efficiently and that the creditor is able to recover their debt. 
  
  Related Information: 
  The FS-CMS Collateral Management System also provides other features such as collateral management, credit risk management, and dispute resolution. These features can be used in conjunction with third-party suit against legal action to ensure that creditors are able to recover their debts in an efficient and effective manner.