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.
New Mexico Release of Judgment Lien on Properties and Assets of Defendant In New Mexico, when a judgment is obtained against a defendant, it creates a lien on the defendant's properties and assets. However, there are specific circumstances where this judgment lien can be released or discharged. This article will provide a detailed description of what a New Mexico Release of Judgment Lien on Properties and Assets of Defendant entails, highlighting the different types and relevant keywords. 1. Voluntary Release of Judgment Lien: — A voluntary release of a judgment lien in New Mexico refers to the removal of the lien by the judgment creditor willingly. — The judgment creditor may release the lien once the debt is fully repaid or if the defendant fulfills certain agreed-upon conditions. — Keywords: voluntary release, judgment lien removal, paid in full, fulfillment of conditions. 2. Satisfaction of Judgment: — When a judgment lien is fully satisfied — meaning the entire debt is paid, it is essential to release that lien to clear the defendant's assets. — The satisfaction of judgment signifies that the defendant has satisfied all the obligations mentioned in the court's judgment. — Keywords: satisfaction of judgment, lien release upon full payment, fulfillment of obligations. 3. Subordination of Judgment Lien: — In some cases, the judgment creditor may agree to subordinate the lien to another reliable party. — Subordination means that the original judgment lien is ranked lower than the newly created lien, giving the subsequent lien priority. — Keywords: subordination of lien, priority, subsequent lien. 4. Release of Judgment Lien by Court Order: — In certain instances, the court may order the release of the judgment lien on properties and assets of the defendant. — This could occur if the court determines that the judgment lien is no longer necessary or fair to the defendant. — Keywords: court-ordered lien release, no longer necessary, fairness to defendant. 5. Expiration of Judgment Lien: — Judgment liens in New Mexico automatically expire after a certain period if no action is taken to enforce them. — Typically, a judgment lien is valid for ten years from the date of entry unless renewed or extended. — Keywords: expiration of lien, non-enforcement, validity period, renewal. 6. Partial Release of Judgment Lien: — Sometimes, the judgment creditor may release the lien on only a portion of the defendant's properties or assets. — This happens when the defendant satisfies a specific portion of the debt, and the creditor agrees to release the lien on those specific assets. — Keywords: partial release, specific assets, partial debt satisfaction. It is crucial to consult legal professionals or refer to the specific New Mexico laws and regulations governing judgment liens for an accurate understanding of the release process and its various types. This article serves as a general overview and should not be considered legal advice.
