If an owner of an interest in real property has had a judgment obtained against him or her, this form addresses a release of that judgment lien.
A Rhode Island Release of Judgment Lien by Creditor is a legal document that allows a creditor to release their judgment lien on a debtor's property in the state of Rhode Island. This document is crucial for debtors who have satisfied their debts or creditors who no longer wish to enforce their judgments. By filing a Release of Judgment Lien, the creditor acknowledges that the debtor has fulfilled their financial obligations, thus relinquishing their claim on the debtor's property. There are different types of Rhode Island Release of Judgment Lien by Creditor, depending on the circumstances and requirements of the situation. Some common variations include: 1. Full Release of Judgment Lien: This type of release completely removes the judgment lien from the debtor's property, indicating that the debt has been fully satisfied. It releases all claims and encumbrances on the property, allowing the debtor to regain full ownership and control. 2. Partial Release of Judgment Lien: In certain cases, a creditor may agree to release only a portion of the judgment lien. This can occur when the debtor makes a partial payment or agrees to a settlement arrangement. The partial release specifies the reduced amount of the lien, granting the debtor partial relief from the judgment. 3. Conditional Release of Judgment Lien: A conditional release is granted when certain conditions are met. For example, the creditor may agree to release the lien if the debtor fulfills specific obligations, such as making regular payments over a predetermined period. Once the conditions are satisfied, the judgment lien is lifted. 4. Release of Judgment Lien after Expiration: In Rhode Island, a judgment lien typically expires after ten years. In such cases, the creditor can file a Release of Judgment Lien to formally release their claim on the debtor's property after the lien's expiration. This releases any encumbrances on the property, allowing the debtor to freely transfer or sell it without any lingering claims. It is important to consult with a legal professional to ensure the correct type of Release of Judgment Lien is filed in accordance with Rhode Island laws. Properly documenting the release will prevent any future disputes or complications regarding the creditor's claim on the debtor's property.
