North Carolina Judgement Laws

State:
North Carolina
Control #:
NC-0909-AA
Format:
Word; 
Rich Text
Instant download

Description

The Satisfaction of Judgment form under North Carolina judgment laws allows plaintiffs or judgment creditors to acknowledge that a judgment has been fully paid and satisfies the debt owed by the defendant. This form is essential for ensuring that all parties are aware that the judgment has been satisfied, which is crucial in maintaining accurate public records. It includes provisions for acknowledgment by individuals, corporations, and attorneys, making it versatile for various scenarios. To complete the form, users must fill in the required information, including court details, cause number, judgment amount, and the date of the judgment. The form must be signed in the presence of a notary public, who will verify the identities of the signers. This form is particularly useful for attorneys, paralegals, and legal assistants in managing post-judgment processes, providing clear evidence that the financial obligation has been fulfilled. Business owners and partners can also use this form to effectively document debt resolutions within their operations, thereby facilitating better financial management and legal compliance.
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FAQ

A judgment lien is created automatically on any property owned by the debtor in the North Carolina county where the judgment is entered. For any debtor property found outside the county, the creditor must file the judgment with the county clerk for the county where the property is located.

In order to get to judgment execution, the initial ingredient in the post-judgment collections formula, the judgment creditor must first (1) wait for the time to file a notice of appeal has expired, which is thirty (30) days from entry of judgment (tip: be sure to serve all parties with copies of the entered judgment ...

If a judgment debtor does not voluntarily pay the judgment, the judgment creditor can try to collect the money from the judgment debtor involuntarily. This is called ?executing? the judgment. A judgment creditor can execute upon a judgment debtor's wages, real property, bank account, or cash box.

In North Carolina a judgment accrues 8% interest from the time it is entered. Judgment can be enforced by execution/through Court process. A creditor with a judgment can attempt to use some of your property to pay the judgment. However, the creditor MUST use the Court system before getting access to your property.

Many people reach an agreement about the terms of payment after the court decides how much money one party must pay the other. If there is no agreement, the winning party can begin the collections process. The clerk of superior court will record the judgment, and interest will begin to accrue if it is not paid.

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North Carolina Judgement Laws