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.
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A judgment is not a lien on real estate for longer than 7 years from the time it is entered or revived, unless the judgment is revived within 7 years after its entry or last revival and a new memorandum of judgment is recorded prior to the judgment and its recorded memorandum of judgment becoming dormant.
A contractor or subcontractor that has provided labor and materials for the improvement of a property and has not been paid is entitled to lien rights against the property. Contractors are any party that contracts directly with the owner. This can be an architect, construction manager, engineer, or laborer.
If the married couple or joint owners of a property do not have a tenancy by the entireties title, any lien can attach to the person's interest in the property. Whether it's judgment or confessed judgment, the lien will attach to the homeowner's interest, making the lienor a co-owner of the property.
Judgment liens do not last for the full twenty years that the judgment is enforceable. The lien will expire seven years from the time it is recorded.
It requires going through court to get a lien. A judge must record a judgment of the lien.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment lien, sometimes referred to as an ?abstract of judgment,? is an involuntary lien that is filed to give constructive notice and is to attach to the Judgment Debtor's property and/or assets.
Under Illinois law, judgments have an enforcement time limit of seven years from the date of their entry.
Yes, a lien may be placed on property that is jointly owned.
Illinois law governs the enforcement and resurrection of judgments. Under Illinois law, judgments have an enforcement time limit of seven years from the date of their entry.
