This is a form of a Partial Release of Judgment Lien.
A Texas Partial Release of Judgment Lien is a legal document that modifies or reduces the scope of a previously filed judgment lien on a property. When a judgment is obtained against a debtor, a lien is typically placed on their property to secure the debt. However, in certain circumstances, a creditor may agree to release a portion of the judgment lien, allowing the property owner to sell or transfer a specific portion of the property. In Texas, there are two common types of Partial Release of Judgment Lien that creditors may consider: 1. Partial Release of Judgment Lien on Real Property: This type of release is used when the judgment lien has been placed on a specific parcel of real estate. It allows the property owner to sell or refinance a portion of the property while retaining the lien on the remaining portion. This can be beneficial for property owners who want to retain some equity or to facilitate transactions involving only a portion of the property. 2. Partial Release of Judgment Lien on Personal Property: This release is applicable when a judgment lien is placed on personal assets such as vehicles, equipment, or other moveable property. A partial release allows the debtor to sell or transfer specific items while maintaining the lien on the remaining assets. This type of release is commonly used in situations where only a portion of the debtor's assets needs to be liquidated or transferred. The process of obtaining a Texas Partial Release of Judgment Lien involves several steps. The creditor and debtor must negotiate and agree upon the terms of the partial release, including the specific portion of the property to be released, the amount of debt that will remain secured by the lien, and any conditions or restrictions on the partial release. Once the agreement is reached, both parties must sign the release document, which is then recorded in the county where the original judgment lien was filed. It is important to note that a Texas Partial Release of Judgment Lien does not completely eliminate the creditor's rights to collect the remaining debt. The lien will continue to encumber the unreleased portion of the property until the debt is satisfied. Additionally, the release does not affect the original judgment itself, and the creditor may still pursue other assets of the debtor to satisfy the remaining debt. In conclusion, a Texas Partial Release of Judgment Lien is a legal instrument that allows creditors to release a portion of a previously filed judgment lien on real or personal property. It enables property owners or debtors to sell or transfer specific assets while retaining the lien on the remaining ones. Understanding the implications and requirements of obtaining a partial release can be crucial for both creditors and debtors involved in a judgment lien situation.
