Alabama Release of Judgment Lien — By Creditor is a legal document that allows a creditor to release a judgment lien placed on a debtor's property in the state of Alabama. A judgment lien is typically imposed when a debtor fails to repay a debt, and it grants the creditor the right to claim the debtor's property in order to satisfy the debt. However, there are instances when a creditor may decide to release the judgment lien voluntarily. The Alabama Release of Judgment Lien — By Creditor document serves as proof that the creditor no longer has a valid claim on the debtor's property and relinquishes any rights associated with the judgment lien. This process provides the debtor with the freedom to sell, transfer, or mortgage their property without any hindrances caused by the judgment lien. Several types of Alabama Releases of Judgment Lien — By Creditor can be identified based on their specific circumstances: 1. Full Release: This is the most common type of release and signifies that the creditor releases the entire judgment lien, allowing the debtor complete freedom to deal with their property as they wish. 2. Partial Release: In certain situations, a creditor may agree to release a portion of the judgment lien. This could occur if the debtor repays a portion of the debt or if the creditor agrees to accept a reduced amount. 3. Conditional Release: This type of release places certain conditions on the debtor. The creditor may agree to release the judgment lien only if the debtor fulfills specific obligations, such as making regular payments or adhering to a revised repayment plan. 4. Temporary Release: In rare cases, a creditor may opt to release the judgment lien temporarily. This allows the debtor temporary relief from the lien's impact, usually for a specified period or until certain conditions are met. 5. Release of Judgment Lien on Specific Property: Sometimes, a creditor may release the lien on a particular asset, such as a vehicle or real estate property, while still maintaining the lien on other assets owned by the debtor. It is crucial for both creditors and debtors in Alabama to understand the specific requirements and procedures related to releasing a judgment lien. Consulting with a qualified attorney or researching the Alabama state statutes regarding judgment lien releases can provide valuable guidance to both parties involved.
Alabama Release of Judgment Lien - By Creditor
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How to fill out Alabama Release Of Judgment Lien - By Creditor?
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FAQ
In Alabama, money judgements last up to 20 years (Ala. Code § 6-9-190). But judgments are generally only enforceable for 10 years (Ala. Code § 6-9-191), and then they're renewed for another 10 years if the judgment debtor still hasn't paid the debt.
A judgment cannot be revived after 20 years. Ala. Code § 6-9-190. Judgments are valid until satisfied or discharged; however, when a period of five years lapses, the judgment holder must file a motion with the court and prove sufficient cause for failure to obtain a writ of execution.
Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.
A judicial lien is created when a court grants a creditor an interest in the debtor's property, after a court judgment.
The creditor can enforce the default judgment through a variety of methods. For example, a judgment lien attaches to property when a creditor registers the judgment with the office of probate court in the county where the debtor's property is owned.
It will stay attached for 10 years, even if the property is transferred to someone else. At the end of that period, the judgment can be revived and a new lien created for another 10 years (or a total of 20 years from the date of the judgment).
In Alabama, a creditor can place a judgment lien on your real property (or your personal property or vehicle) in order to collect the judgment, and it will remain attached to your real property for 10 years, even if you sell the property.
The Alabama Release of Lien Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. Alabama law requires that a lien cancellation is filed within 30 days after the lien is satisfied.
