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.
North Carolina Release of Judgment Lien on Properties and Assets of Defendant is a legal process that allows the removal of a judgment lien placed on a defendant's properties and assets. When a creditor obtains a judgment against a debtor, they can file a lien on the debtor's properties and assets to secure the debt. However, under certain circumstances, the debtor can request a release of the judgment lien. There are three types of North Carolina Release of Judgment Lien on Properties and Assets of Defendant: 1. Voluntary Release: When the debtor repays the judgment amount in full or reaches a settlement with the creditor, they can request a voluntary release of the judgment lien. This type of release requires filing the appropriate paperwork with the court or the applicable government agency. 2. Satisfaction of Judgment: If the debtor satisfies the judgment through other means, such as transferring the property's ownership or providing an alternative agreement, they can request a satisfaction of judgment. This release removes the judgment lien as the debt is considered fulfilled. 3. Automatic Release: In certain cases, a judgment lien may automatically release after a specified period, typically ten years, if the creditor does not renew the lien. However, it is crucial to check the specific laws and regulations governing judgment liens in North Carolina, as there may be variations or exceptions. The North Carolina Release of Judgment Lien is essential for debtors who wish to regain control over their properties and assets by removing the liens imposed on them. By following the proper procedures and filing the required documents, debtors can successfully release the judgment liens and restore their financial freedom. Keywords: North Carolina, Release of Judgment Lien, Properties, Assets, Defendant, Voluntary Release, Satisfaction of Judgment, Automatic Release, Repay, Settlement, Creditor, Debtor, Legal Process, Government Agency, Lien Removal, Financial Freedom, Law and Regulations.
