New York Partial Satisfaction of Judgment is a legal document that allows a judgment creditor to acknowledge receipt of a portion of the money owed to them, while maintaining the balance of the judgment. This document is usually used when the judgment debtor is unable to pay the full amount of the judgment. The document should include the name of the court that entered the judgment, the case number, the name of the judgment debtor and creditor, the amount of the judgment, and the amount of the partial satisfaction. There are two types of New York Partial Satisfaction of Judgment: a Partial Satisfaction of Monetary Judgment and a Partial Satisfaction of Non-Monetary Judgment. A Partial Satisfaction of Monetary Judgment is used when the judgment debt is for a specific amount of money, while a Partial Satisfaction of Non-Monetary Judgment is used when the judgment debt is for something other than money, such as an injunction or an order to do or refrain from doing something.
New York Partial Satisfaction of Judgment
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The Satisfaction of Judgment form should be signed by the judgment creditor when the judgment is paid, and then filed with the court clerk. Don't forget to do this; otherwise, you may have to track down the other party later. It's easy to get a copy of a Satisfaction of Judgment form.
When the debtor pays the judgment, the creditor must file a Satisfaction of Judgment form with the Clerk within 20 days. It is filed in the Court that entered the judgment, but if a Transcript of Judgment was filed in the County Clerk's office, it is filed there.
New York law has long permitted a creditor to obtain a money judgment against a debtor by simply filing a confession of judgment ? an affidavit signed by the debtor ? with a county clerk within the state. The use of confessions of judgment is governed by CPLR 3218.
Satisfaction of a judgment means that the judgment is no longer a lien on the debtor's real property. The courts cannot control the actions of third parties, but usually, the fact of satisfaction is recorded by the major credit reporting agencies and included in the debtor's credit history.
A satisfaction of judgment is a document signed by a judgment creditor and generally filed with the court, indicating that a judgment has been paid in full.
New York State judgments are valid for 20 years. A judgment can act as a lien on real property for ten years which may be extended for an additional term if you to take affirmative action.
FILING AN INCOME EXECUTION The Creditor can file an Income Execution or wage garnishment to obtain a percentage of the Debtor's earnings to apply to the Judgment. The judgment creditor may contact the Sheriff's Civil Department for the procedure to file an income execution or wage garnishment.
The statute of limitations for collecting on a New York judgment is 20 years, which starts the day the judgment creditor is first able to collect on the judgment. This timeline can sometimes be restarted.