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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(4) A judgment lien may be rerecorded only once. A judgment lien is rerecorded by recording with the register of deeds, not less than 120 days before the initial expiration date under subsection (1), a second notice of judgment lien that has been certified by the clerk of the court that entered the judgment.
Section 2809 also provides that judgment liens may be extinguished by recording any of the following with the register of deeds: Discharge signed by the judgment creditor or attorney. Satisfaction of judgment. Court order discharging the lien. Bankruptcy discharge (see above)
Different Types of Property Liens Mortgage Lien. Mortgage liens are levied for the debt accepted to buy a home. ... Judgment Lien. Judgment liens can be levied by a court when someone fails to repay a debt. ... Attachment Lien. ... Estate Tax Lien. ... Corporate Franchise Tax Lien. ... Federal Tax Lien. ... Mechanic's Lien. ... Vendor's Lien.
A lien creditor is a creditor with a security interest in the debtor's property to support the creditor's claim.
A lien ordered against a person's property to prevent its disposal during a lawsuit is called. a judgment 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.
The lien is a legal charge to take ownership of the defendant's property to satisfy a debt. The writ of attachment allows the lien to be exercised should the plaintiff successfully obtain a judgment against the defendant. There are several different types of attachment.
A judgment lien can be imposed on your property only after somebody sues you and wins a money judgment against you. In most states, the "judgment creditor," or the person or company who won, must record the judgment by filing it with the county or state.
