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Judgment Lien On Personal Property With Mortgage In Minnesota
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State:
Multi-State
Control #:
US-0025LTR
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Word;
Rich Text
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Description
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FAQ
To perfect a mechanic's lien, within 120 days of a lien claimant's last day of work, the lien claimant must (1) file a lien statement with the county recorder if the property is abstract and/or the county registrar of titles if the land is registered (also called Torrens property) and (2) serve a copy of the lien ...
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In Minnesota, a judgment lien can be attached to real estate only (such as a house, land, or similar property interest).
All liens signify a debt is owed but it's important to note that not all liens are negative, and at times, are expected. A property owner can choose to place a lien on their property.
In Minnesota, a mechanics lien must generally be filed with the county recorder. However, if the lien is claimed against registered land, it must be recorded with the Registrar of Titles (in some counties, the Registrar and Recorder are the same person).
With respect to personal property, most states have specific exemptions for specific types of property. Most protect typical household goods, health aids, clothing, and a motor vehicle up to a certain value. Federal law protects Social Security and disability benefits from debt collectors (with or without a judgment).
Minnesota law protects some earnings for a limited period of time. Certain pensions, annuities or similar retirement or disability benefits may also be protected if they meet specific tax requirements or have a present value of $75,000 or less.
More info
A lien is a legal claim filed with the Office of the Minnesota Secretary of State or county recorder. While some liens are considered consensual (i.e., owner agrees to put a mortgage on the land), judgment liens are considered non-consensual. Fill out another Affidavit of Identification of Judgment Debtor. In Minnesota, a property lien can be used to collect a court judgment. Here's how it works. Write the information about the person (or entity, like the bank) who has a lien, mortgage, or other interest in the property. A debt collection judgment is a court order that you owe the creditor money. The judgment is the final decision in a collection lawsuit. No, you do not have to use the proceeds from the sale of your homestead to pay off the judgment-lien.
