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.
South Dakota Release of Judgment Lien by Creditor: A Comprehensive Overview In South Dakota, a Release of Judgment Lien by Creditor refers to the legal process through which a creditor relinquishes their claim on a debtor's property that was previously encumbered by a judgment lien. This release effectively removes the lien from the debtor's property title, restoring their ability to freely buy, sell, or refinance the property without any obstacles resulting from the lien. Types of South Dakota Release of Judgment Lien by Creditor: 1. Statutory Release of Judgment Lien: Governed by South Dakota state laws, this type of release follows the established legal procedures outlined in the state's statutes. Creditors must adhere to specific requirements to release the judgment lien and provide the necessary documentation to the debtor and relevant parties involved. 2. Voluntary Release of Judgment Lien: In situations where both the creditor and debtor reach an agreement outside the purview of standard legal requirements, a voluntary release of judgment lien may occur. This type of release typically involves negotiations between the parties, resulting in the creditor consenting to the removal of the lien from the debtor's property. 3. Court Order for Release of Judgment Lien: In some cases, a South Dakota court may issue a court order mandating the release of the judgment lien. This usually happens when there is a legal dispute or a specific circumstance that warrants judicial intervention to free the property from the lien. Process of South Dakota Release of Judgment Lien by Creditor: 1. Filing a Release of Judgment Lien Form: The creditor, or their authorized representative, must complete and file the appropriate release form with the South Dakota County clerk's office where the original judgment lien was recorded. This form typically requires information concerning the lien, debtor, and creditor. 2. Proper Execution: The release form must be executed properly, typically requiring a notary public's acknowledgement or the signature of a witness, depending on South Dakota state requirements. 3. Providing Notice: After the release form is filed, the creditor must provide written notice of the release to the debtor and any other parties who have an interest in the property affected by the judgment lien. This notice serves as confirmation that the encumbrance on the property has been lifted. 4. Recording the Release: To ensure the release is properly documented, the creditor should also record a copy of the release form with the same county clerk's office that recorded the initial judgment lien. This step serves as additional proof that the lien has been officially released. Keywords: South Dakota, Release of Judgment Lien by Creditor, statutory release, voluntary release, court order, form, execution, notice, recording, creditor, debtor, property, encumbrance, county clerk, documentation, legal process.
