A judgment lien is created when a court grants a creditor an interest in the debtor's property, based upon a court judgment. A plaintiff who obtains a monetary judgment is termed a "judgment creditor." The defendant becomes a "judgment debtor."
Judgment liens may be created through a wide variety of circumstances. Laws regarding judgment liens vary by jurisdiction, so local laws should be consulted.
Georgia Release of Judgment Lien on Properties and Assets of Defendant: A Comprehensive Guide In Georgia, when a judgment is obtained against a defendant, the plaintiff or judgment creditor may place a judgment lien on the defendant's properties and assets to secure payment of the debt. However, there are circumstances in which the judgment lien can be released. This article provides a detailed description of the Georgia Release of Judgment Lien on Properties and Assets of Defendant process, outlining the steps involved and relevant keywords associated with this legal procedure. 1. Understanding Judgment Liens in Georgia: A judgment lien is a legal claim on the defendant's property and assets, usually filed with the county clerk's office where the defendant resides or where their property is located. It grants the judgment creditor the right to satisfy the debt from the sale proceeds of the defendant's assets. However, circumstances may arise where releasing the judgment lien becomes necessary. 2. Types of Georgia Release of Judgment Lien on Properties and Assets of Defendant: a. Full Satisfaction: When the judgment debt is fully paid, the judgment creditor or the defendant may file a Full Satisfaction of Judgment form, requesting the release of the judgment lien. b. Partial Satisfaction: In cases where the defendant pays a portion of the judgment debt, the judgment creditor may file a Partial Satisfaction of Judgment form for the corresponding release of the lien. c. Settlement Agreement: If both parties agree to a settlement amount lower than the original judgment debt, a Satisfaction of Judgment and Release of Lien form can be filed accordingly to release the lien upon receipt of the agreed payment. 3. Filing Process: a. Obtaining the Appropriate Form: The judgment creditor or their attorney must acquire the correct release form from the Georgia Courts' website or the local county clerk's office. b. Completing the Form: The form should be completed accurately and fully, providing information such as the case number, parties' names, amount paid (if applicable), and property or asset description. c. Notarization: The completed form must be notarized by a licensed notary public before filing. d. Filing the Form: The notarized release form should be filed with the same county clerk's office where the original judgment was recorded. e. Notification to Credit Reporting Agencies: Once the release form is filed, the judgment creditor should send a copy of the release to credit reporting agencies to update the defendant's credit records. 4. Effects of Release: Upon the successful filing of a Georgia Release of Judgment Lien on Properties and Assets form, the judgment lien is effectively released, and the defendant's properties and assets are no longer encumbered by the judgment. This allows the defendant to regain control over their assets and property, free from the creditor's claim. Keywords: Georgia, Release of Judgment Lien, Properties, Assets, Defendant, Satisfaction of Judgment, Full Satisfaction, Partial Satisfaction, Settlement Agreement, Filing Process, Notarization, Credit Reporting Agencies, Effects of Release. Note: It is advisable to consult with a qualified legal professional or legal expert to ensure compliance with Georgia's specific laws and regulations regarding the Release of Judgment Lien on Properties and Assets of Defendant.
