This is a form of a Partial Release of Judgment Lien.
Pennsylvania Partial Release of Judgment Lien is a legal process that allows a judgment creditor to release a portion of their claim against a debtor's property, while still maintaining a valid judgment lien on the remaining property. This release can be executed when the judgment debtor pays off a portion of the judgment, or when the judgment creditor agrees to release a specific property from the lien. In Pennsylvania, there are two main types of Partial Release of Judgment Lien: 1. Partial Satisfaction: This type of release occurs when the judgment debtor makes a partial payment towards the judgment amount. By filing a partial satisfaction, the judgment creditor acknowledges receipt of the partial payment and recognizes that a portion of the judgment has been fulfilled. This release allows the judgment debtor to regain some control over the property that was initially subject to the lien. However, it is important to note that the judgment lien may still remain on other properties until the full judgment is satisfied. 2. Release of Specific Property: This form of partial release is applicable when the judgment creditor agrees to release a specific property from the judgment lien. This can occur when the property is sold or exchanged, and the judgment creditor consents to remove the lien from that particular property only. It is crucial to have this release documented, usually with the assistance of legal professionals, to ensure clarity and avoid any potential disputes or future claims. Both types of Pennsylvania Partial Release of Judgment Lien require proper filing and documentation to be legally binding. It is advisable for both parties involved to seek legal advice to understand their rights and responsibilities throughout the process. Keep in mind that these descriptions are general in nature, and it is always recommended consulting with an attorney who specializes in Pennsylvania judgment liens for accurate guidance in specific cases.
