This is a form of a Partial Release of Judgment Lien.
A Kentucky Partial Release of Judgment Lien is a legal document that allows a creditor to release a portion of a judgment lien placed on a debtor's property, while still maintaining a lien on the remaining portion. This partial release can be filed after the debtor has paid off a certain portion of the judgment debt. A judgment lien is a court-ordered claim placed on a debtor's property to secure the payment of a judgment debt. If a debtor fails to satisfy the judgment debt, the creditor may seize and sell the debtor's property to satisfy the debt. However, in some cases, the debtor may not have sufficient assets to fully pay off the judgment debt. In such situations, a partial release of the judgment lien can be filed to free up the debtor's property partially, while still maintaining a lien on the remaining portion. There are different types of Kentucky Partial Release of Judgment Lien, including: 1. Partial Release of Judgment Lien by Property Description: This type of partial release specifies the particular property or asset that is being released. It details the legal description of the property and the percentage or specific amount of the judgment lien being released. 2. Partial Release of Judgment Lien by Dollar Amount: In this type of partial release, the creditor specifies the exact dollar amount that is being released from the judgment lien. It may be a fixed amount or a certain percentage of the initial judgment debt. 3. Partial Release of Judgment Lien by Installments: Sometimes, a debtor may negotiate an installment plan to pay off the judgment debt. In such cases, the creditor can file a partial release of judgment lien after each successful payment, releasing a portion of the lien equal to the amount paid. It is important to note that the judgment lien that remains after a partial release will continue to encumber the debtor's property. This means that the debtor cannot sell or transfer the property without satisfying the remaining judgment debt. In summary, a Kentucky Partial Release of Judgment Lien allows a creditor to release a portion of a judgment lien placed on a debtor's property after the debtor has paid off a certain portion of the judgment debt. Different types of partial releases include those based on property description, dollar amount, or installments. This legal document maintains a lien on the remaining portion of the judgment debt until it is fully satisfied.
