This is a form of a Partial Release of Judgment Lien.
North Dakota Partial Release of Judgment Lien is a legal process whereby a creditor (judgment holder) releases a portion of the lien placed on a debtor's property once a partial payment towards the judgment has been made. This process allows debtors to regain some control over their property by reducing the encumbrance of the lien based on the amount paid. The North Dakota Partial Release of Judgment Lien serves as a mechanism to safeguard the interests of both the creditor and the debtor. It offers debtors a chance to regain a sense of financial security and protect their remaining assets from the lien. Creditors, on the other hand, can partially recover their debt while maintaining their right to pursue legal action for the remaining balance. It is important to note that North Dakota recognizes different types of Partial Release of Judgment Lien, including: 1. Partial Satisfaction: This type of partial release occurs when the debtor makes a payment towards the judgment amount, and the creditor releases a portion of the lien on the debtor's property in proportion to the amount paid. This allows debtors to reduce the impact of the lien without fully satisfying the entire judgment. 2. Installment Agreement: In cases where debtors are unable to make a lump sum payment to satisfy the judgment, they can enter into an installment agreement with the creditor. This agreement outlines a structured payment plan, and as each installment is made, the creditor releases a portion of the lien accordingly. 3. Priority Lien Release: In certain instances, there might be multiple judgment liens on a debtor's property. If the debtor pays off a particular judgment lien in full, they can request a partial release for that specific lien, preserving the outstanding judgment liens for other creditors, if any. 4. Exemption Release: Debtors who are able to prove that certain property is exempt from the judgment lien can request a partial release of the lien on that specific exempt property. This allows debtors to protect their essential assets from being fully encumbered by the lien, providing them with a reasonable financial foundation. Regardless of the type, the North Dakota Partial Release of Judgment Lien requires proper documentation and filing with the relevant court or county recorder's office. Interested parties should consult with a qualified attorney or legal professional to ensure compliance with all necessary procedures. In summary, the North Dakota Partial Release of Judgment Lien provides debtors with a viable option to regain some control over their property by reducing the encumbrance of a judgment lien through partial payments. Different types of partial releases, such as partial satisfaction, installment agreements, priority lien releases, and exemption releases, cater to different circumstances to safeguard the interests of both creditors and debtors.
