This document should be recorded in the county in which the judgment was rendered and acknowledged before a notary public. A satisfaction can be executed, acknowledged and filed by the attorney of record for the holder, but only if payment is made in full.
The Satisfaction of Judgment form in Michigan is a legal document used to acknowledge the full or partial repayment of a judgment awarded by a court. It serves as proof that the judgment has been satisfied or settled, releasing the debtor from any further obligation. The primary purpose of the Satisfaction of Judgment form is to provide a record for public notice and prevent the judgment from causing undue harm to the debtor's credit history. It allows the debtor to remove the judgment lien on their property, clears any negative impact on their credit report, and signals that the debt has been fully paid. When seeking to satisfy a judgment in Michigan, there are different types of Satisfaction of Judgment forms that can be utilized, mainly based on the nature of the settlement: 1. For Monetary Judgments: This form is used when the debtor settles the judgment by making a full payment of the monetary amount owed. It should accurately detail the original judgment amount, any interest accrued, and the amount paid. 2. For Installment Judgments: In cases where the judgment is settled through a series of installment payments, a separate Satisfaction of Judgment form can be filed for each payment installment. This form should include the payment date, amount, and acknowledge the remaining balance after each payment. 3. For Satisfaction of Liens: If the judgment resulted in the placement of a lien on the debtor's property, a Satisfaction of Judgment form specific to liens should be completed. This form will require accurate information regarding the property secured by the lien and its release from the judgment. It is crucial to note that the exact format and specific content requirements for Satisfaction of Judgment forms may vary based on the jurisdiction or court in Michigan. Parties seeking to satisfy a judgment should consult with legal professionals or refer to their local court's guidelines to ensure the correct form is used and appropriate information is provided. By diligently completing and filing the appropriate Satisfaction of Judgment form, debtors in Michigan can effectively resolve their legal obligations, clear their name from any remaining debts, and protect their credit standing.
