If an owner of an interest in real property has had a judgment obtained against the owner, this form addresses a release of that judgment lien.
Minnesota Release of Judgment Lien — Abstract of Judgment is a legal document that plays a crucial role in the settling of judgment liens in the state of Minnesota. When a person or entity obtains a judgment against another party in Minnesota, they may file a judgment lien against the debtor's property to secure the debt owed to them. However, when the debt is fully satisfied, the creditor must formally release the judgment lien by filing a Release of Judgment Lien — Abstract of Judgment. The release of a judgment lien is necessary to ensure that the debtor's property is no longer encumbered by any outstanding liens. It serves as proof that the judgment has been satisfied and that the creditor no longer has a claim against the debtor's property. This document protects the debtor's rights and allows them to freely buy, sell, or refinance the affected property without any legal hindrances. In Minnesota, there are primarily two types of Release of Judgment Lien — Abstract of Judgment: 1. Voluntary Release: When the judgment creditor is fully paid, they typically file a voluntary release to remove the judgment lien. This release is initiated by the creditor and signifies their willingness to release the lien willingly upon receiving the full payment or reaching a settlement agreement with the debtor. 2. Court-Ordered Release: In some cases, if the judgment creditor fails to release the lien after being paid, the debtor may resort to legal action and request a court-ordered release of the lien. This occurs when the creditor refuses to release the judgment lien despite receiving payment or when there are disputes regarding the payment amount. The court will intervene and issue an order for the release of the judgment lien, ensuring the debtor's property rights are protected. To file a Release of Judgment Lien — Abstract of Judgment in Minnesota, the creditor must prepare a document stating the details of the judgment, including the names of the plaintiff and defendant, the court case number, and the date the judgment was entered. They must also provide evidence that the judgment has been paid in full, such as a canceled check or a payment receipt. Once the document is prepared, it is filed with the appropriate court or county recorder's office where the judgment lien was initially recorded. In summary, the Minnesota Release of Judgment Lien — Abstract of Judgment is a vital legal document used to remove judgment liens from a debtor's property once the debt has been satisfied. This ensures the debtor's rights are protected and allows for the free transfer or refinancing of the affected property. The two types of releases are the voluntary release, initiated by the creditor upon receiving full payment, and the court-ordered release, obtained through legal action when the creditor refuses to release the lien despite payment.
