This is a form of a Partial Release of Judgment Lien.
Tennessee Partial Release of Judgment Lien is a legal process that allows creditors to release a portion of a judgment lien placed on a debtor's property. A judgment lien is a court-ordered claim against a debtor's property to secure the payment of a debt owed. However, in certain cases, creditors may agree to release a part of the judgment lien once a partial payment has been made by the debtor. The Tennessee Code Annotated Section 66-19-104 governs the process of obtaining a partial release of a judgment lien in the state. This statute provides guidelines on how a creditor can proceed to release a portion of the lien and offers necessary protections for the debtor. There are a few different types of Tennessee Partial Release of Judgment Lien that may be applicable depending on the circumstances: 1. Partial Payment Agreement: This type of partial release occurs when the creditor agrees to release a portion of the judgment lien upon the debtor's satisfactory payment of a specified amount. Typically, an agreement is reached between the creditor and debtor, outlining the terms and conditions of the partial payment, and upon completion, a partial release is executed. 2. Property Valuation Adjustments: In situations where the value of the property encumbered by the judgment lien has decreased due to market fluctuations or other relevant factors, creditors may consider adjusting the lien amount accordingly. A revised partial release takes place after reevaluating the property's value and determining the reduced lien amount. 3. Settlement Agreement: In some cases, the creditor and debtor may opt to settle the debt through negotiation. This can involve a mutual agreement on a reduced debt amount or other terms that could result in a partial release of the judgment lien upon payment of the negotiated settlement. It is important to note that the process for obtaining a Tennessee Partial Release of Judgment Lien may require legal assistance, as it involves navigating through complex legal procedures and ensuring proper documentation is prepared and filed in accordance with the relevant laws. In conclusion, the Tennessee Partial Release of Judgment Lien provides a mechanism for creditors and debtors to address outstanding debts and reach agreements that result in the release of a portion of the judgment lien. By following the guidelines and employing legal assistance, both parties can work towards resolving their financial obligations effectively.
