Virginia Satisfaction of Judgment
Definition and meaning
The Virginia Satisfaction of Judgment is a legal document that acknowledges the full payment of a judgment in a court case. Once a plaintiff has received payment from a defendant, this form is filed to formally recognize that the debt has been settled. It serves to clear the defendant's record of the judgment and can assist in preventing any further legal actions regarding the debt.
How to complete a form
To complete the Virginia Satisfaction of Judgment, follow these steps:
- Begin by providing the full names of the plaintiff(s) and defendant(s) involved in the judgment.
- Include the court name, county, and cause number associated with the original judgment.
- State the amount of the judgment, including any applicable interest, attorney fees, and costs.
- Indicate the date the judgment was rendered.
- Have the plaintiff or their attorney sign the form to confirm satisfaction of the judgment.
- Ensure that the form is notarized to validate the signatures.
Who should use this form
The Virginia Satisfaction of Judgment should be used by plaintiffs who have successfully collected payment from a defendant following a court judgment. This form is crucial for individuals or entities that want to demonstrate that a debt has been fully satisfied, thereby maintaining their legal and financial standings.
Key components of the form
The primary components of the Virginia Satisfaction of Judgment include:
- Case identification: Names of the plaintiff(s) and defendant(s), court name, and cause number.
- Judgment details: Amount of the original judgment, including any accrued interest and fees.
- Signatures: Signature of the plaintiff or attorney, acknowledging satisfaction.
- Notary acknowledgment: Confirmation by a notary public to validate the document.
Common mistakes to avoid when using this form
When filling out the Virginia Satisfaction of Judgment, be mindful of the following common mistakes:
- Failing to include all necessary parties' names can lead to issues in recognition.
- Omitting the case number or court name can result in invalidation.
- Not securing notarization of the form may cause legal difficulties.
- Forgetting to mention any accrued interest or fees can lead to misunderstandings.
What to expect during notarization or witnessing
During the notarization process for the Virginia Satisfaction of Judgment, the notary public will:
- Verify the identity of the signer. Ensure to bring valid identification.
- Confirm that the signer understands and affirms the document's content.
- Stamp and sign the document, providing legal validity and assurance that the form is properly executed.
Key takeaways
The Virginia Satisfaction of Judgment is a critical document for anyone wishing to formally acknowledge that a judgment has been paid. Proper completion and filing of this form can help maintain financial integrity and prevent further disputes regarding the settled judgment. Always consult with a legal professional if uncertain about any part of the process.
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FAQ
A Satisfaction of Judgment is a document signed by one party acknowledge receipt of the payment. The Satisfaction of Judgment is then filed with the court. This is beneficial to the paying party for multiple reasons. One, the court is put on notice that the debt has been satisfied.
The Satisfaction of Judgment form should be signed by the judgment creditor when the judgment is paid, and then filed with the court clerk. Don't forget to do this; otherwise, you may have to track down the other party later.
A court form that the judgment creditor must fill out, sign, and file with the court when the judgment is fully paid. If no liens exist, the back of the Notice of Entry of Judgment can be signed and filed with the court. (See judgment creditor, judgment .)
Judgments are no longer factored into credit scores, though they are still public record and can still impact your ability to qualify for credit or loans.If a civil judgment is still on your credit report, file a dispute with the appropriate credit reporting agencies to have it removed.
If the judgment creditor does not immediately file an Acknowledgement of Satisfaction of Judgment (EJ-100) when the judgment is satisfied, the judgment debtor may make a formal written demand for the creditor to do so. The judgment creditor has 15 days after receiving the debtor's request to serve the acknowledgement.
The general rule, as stated above, is that judgments last for 20 years from the date of the judgment once docketed in the Circuit Court records. However, the 20 years may be extended for an additional 20 years by filing the appropriate document.