If an owner of an interest in real property has had a judgment obtained against him or her, this form addresses a release of that judgment lien.
Illinois Release of Judgment Lien by Creditor
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Multi-State
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US-OG-540
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How to fill out Release Of Judgment Lien By Creditor?
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FAQ
A creditor can use the judgment to collect money from you. They may take some of your wages, money in a bank account, or sell your home. The process is commonly called garnishment even if a Citation to Discover Assets form is used.
A judgment release is a document signed by the creditor saying that you have met your legal obligation to pay the debt. This is often called a release of judgment, a satisfaction of judgment, or a release and satisfaction of judgment.
If a judgment is old, it may need to be revived before it can be enforced. 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.
No, Illinois does not require or provide statutory forms for lien waivers. Because the form and content of lien waivers aren't regulated under Illinois' Mechanics Lien Act, careful attention should be given to the actual terms of the waiver to ensure you're not waiving more than intended.
The lien remains in effect for 7 years, even if the creditor does not force a sale. This means that you probably cannot sell the real estate during this time because a buyer would want you to pay the judgment in full before agreeing to purchase the property.
For a lien to be effective against all parties (including subsequent purchasers), the deadline is 4 months from the completion of the project. To be effective against the original property owner only, the lien may be filed up to two years after providing service or materials.
The statute of limitations is two years from the recording date of the lien.
Any person furnishing labor, services, material, fixtures, apparatus or machinery, forms or form work for the of a building, or structure, or improvement, by mistake upon land owned by another than the party contracting as owner, shall have a lien for such labor, services, material, fixtures, apparatus or ...