Maryland Satisfaction of Judgment
Description
- Maryland Satisfaction of Judgment:A legal document that signifies a judgment debtor has fully paid the debt to the judgment creditor, officially clearing the debtor from legal obligations related to the judgment.
- Writ Garnishment:A court order directing a third party (garnishee) to hold assets of a debtor, typically from a bank account, to satisfy a judgment.
- Judgment Creditor:The party who wins the judgment and is owed money from the judgment debtor.
- Judgment Debtor:The party who owes money after losing a case and has a court judgment against them.
- Garnishee:An entity or person who is holding assets (often wages or bank accounts) that are due to the judgment debtor but can be seized for judgment satisfaction.
- Verify Full Payment:Ensure all debts detailed in the judgment along with any additional court costs or interests have been fully paid by the debtor.
- Obtain the Form:Acquire a 'Satisfaction of Judgment' form from the local court or online from the Maryland state judiciary's website.
- Complete the Form:Fill in all necessary details in the form, which typically includes case number, names of parties involved, and amount paid.
- Signature:The judgment creditor must sign the form, possibly in front of a notary public depending on county requirements.
- File the Form:Submit the completed form to the same court where the judgment was originally entered. This may include filing fees depending on the specific court.
- Notify the Debtor:Provide a copy of the filed satisfaction form to the judgment debtor as confirmation of debt clearance.
- Delay in Filing:Delay in filing the satisfaction can lead to unnecessary continuation of credit impairment for the debtor.
- Inaccurate Information:Errors in filing the document may result in its rejection and need for re-submission, delaying the process.
- Legal Consequences:Failure to file can result in the judgment creditor facing legal penalties or sanctions.
- Filing a 'Maryland Satisfaction of Judgment' is essential for clearing a debtor's record once a debt is fully paid.
- The process involves a series of steps including obtaining and completing a form, and filing it with the respective court.
- Timeliness and accuracy in the filing process are crucial to avoid possible legal and credit issues for both creditor and debtor.
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FAQ
A confessed judgment clause allows a creditor's attorney to file an affidavit with the lawsuit and effectively confess, on behalf of the debtor, that the judgment is owed.Confessed Judgments are governed by Maryland Rules 2-611 (in Circuit Court) and 3-611 (in District Court).
The three-year shelf-life of affidavits of confession of judgment is sometimes overlooked by practitioners and is important to bear in mind.
Upon service, the Garnishee has 30 days to file a Confession of Assets with the court which lists any debtor assets held.Shortly thereafter, a judge rules on the request and if decided in your favor, the bank turns over debtor funds to you.
You may ask your judgment creditor to file a satisfaction of judgment form. The length of time gives to the creditor to file the form varies from state to state, but it is usually between 14 and 30 days after your request.
A Satisfaction of Judgment is a document signed by one party acknowledge receipt of the payment. The Satisfaction of Judgment is then filed with the court. This is beneficial to the paying party for multiple reasons. One, the court is put on notice that the debt has been satisfied.
In Maryland, a judgment is only valid for 12 years. If you have not been able to collect your judgment within that time, you will have to renew the judgment to continue your collection efforts.
If the judgment creditor does not immediately file an Acknowledgement of Satisfaction of Judgment (EJ-100) when the judgment is satisfied, the judgment debtor may make a formal written demand for the creditor to do so. The judgment creditor has 15 days after receiving the debtor's request to serve the acknowledgement.
It can only be filed if your funder is unable to collect on your debt. If there's never a need to take collection action against you, a confession of judgment is simply an innocuous piece of paper. All that said, you should avoid signing one if you can possibly help it it's not worth risking your business' future.