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.
Oregon Release of Judgment Lien is a legal document that allows the release of a judgment lien placed on real property in the state of Oregon. A judgment lien is created when a creditor obtains a judgment against a debtor and records it with the county recorder's office, effectively attaching the lien to the debtor's property. The purpose of an Oregon Release of Judgment Lien is to release the lien and remove it from the debtor's property. This release is necessary when the judgment has been fully satisfied, meaning the debtor has paid the judgment amount in full. Once the release is filed with the county recorder's office, the lien is removed from the property's title, and the debtor's property is no longer encumbered by the judgment. There are two main types of Oregon Release of Judgment Lien: 1. Partial Release of Judgment Lien: This type of release is used when the debtor has partially satisfied the judgment amount but still owes a balance. The partial release will remove the lien from a specific portion of the property, typically corresponding to the amount paid by the debtor. This allows the debtor to sell or refinance the released portion of the property without the lien affecting the transaction. 2. Full Release of Judgment Lien: This type of release is applicable when the debtor has fully paid the judgment amount, thereby satisfying the debt in its entirety. The full release removes the entire lien from the debtor's property, freeing it from any encumbrances. This release enables the debtor to regain full ownership and control over the property, without any restrictions or hindrances caused by the judgment lien. To obtain an Oregon Release of Judgment Lien, the creditor must file a written request with the county recorder's office, providing proof of the judgment satisfaction, such as a payment receipt or a satisfaction of judgment document. The document should include the case number, names of the parties involved, and a legal description of the property. The county recorder will review the request and, if satisfied, issue the appropriate release to be recorded. In conclusion, an Oregon Release of Judgment Lien is a vital document used to release a judgment lien from a debtor's property, either partially or entirely. By obtaining this release, debtors can regain control over their property and remove any restrictions caused by the judgment lien. It is important for creditors and debtors to understand the process and legal requirements involved in obtaining an Oregon Release of Judgment Lien to ensure proper execution and compliance with state laws.
