A Michigan Release of Judgment Lien — Full Release is a legal document that indicates a complete removal or cancellation of a judgment lien on a property. This release is typically filed by the judgment creditor, the party who holds the lien, to acknowledge that the debt has been fully satisfied. This document is crucial for the property owner as it allows them to regain clear ownership and the ability to transfer or sell the property without any encumbrances. The Michigan Release of Judgment Lien — Full Release is governed by specific laws and requirements set by the state. It should be prepared in compliance with the Michigan Court Rules and adhere to the guidelines provided by the Michigan Department of Treasury. It is essential to accurately complete the release form, including necessary details such as the name and address of the judgment creditor, the debtor, and the property owner. A proper legal description of the property, as well as the judgment amount and case number, should also be included. Different types of Michigan Release of Judgment Lien — Full Release may include variations based on the specific circumstances or parties involved. Some common types include: 1. Individual Release of Judgment Lien — Full Release: This form is used when an individual or sole proprietor has satisfied the judgment lien imposed on their property. It outlines the details of the lien, identifies the property affected, and declares the lien's release upon full payment of the judgment debt. 2. Business Entity Release of Judgment Lien — Full Release: This form is utilized when a business entity, such as a corporation or LLC, has resolved the judgment lien against their property. It requires relevant information about the business, including its registered name, identification number, and the responsible party authorizing the release. 3. Joint Release of Judgment Lien — Full Release: This release form is applicable when multiple parties are jointly responsible for the judgment lien. It ensures that all parties involved are included in the release and acknowledges the satisfaction of the lien against the shared property. In conclusion, a Michigan Release of Judgment Lien — Full Release is a crucial document for individuals or businesses seeking to remove a judgment lien from their property records. While there may be different types of releases based on the specific circumstances, each form is designed to declare the complete satisfaction of the lien and restore the property owner's full rights and ownership.
Michigan Release of Judgment Lien - Full Release
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FAQ
(1) When any claim of lien has been fully paid, the lien claimant shall deliver to the owner, lessee, or other person making payment a certificate, witnessed and acknowledged in the same manner as a discharge of mortgage, that the claim has been paid and is now discharged.
Lien release bonds can be a useful way for owners to free their property from lien claims, enabling them to refinance or sell the property. While this does not free them from their obligation to pay off their debt, it serves as a substitute of one form of payment security to another.
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)
No, the Michigan statutory lien waiver forms do not require notarization in order to be valid, only a signature by the claimant or the claimant's authorized agent is required.
A judgment lien expires after 5 years from the date it is recorded but may be rerecorded once for another period of 5 years not less than 120 days before the expiration of the initial judgment. Mich. Comp. Laws § 600.2809.
The required amount of the bond (its ?penal sum?) is 125% of the mechanics lien amount.
The Michigan Discharge of Lien Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.
The Michigan Discharge of Lien Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.