A Virgin Islands Release of Judgment Lien — By Creditor is a legal document that allows a creditor to release or remove a judgment lien placed on a debtor's property in the US Virgin Islands. This lien release is typically filed with the Virgin Islands Department of Finance or other relevant local authorities, and once accepted, it frees the debtor's property from the encumbrance of the judgment lien. Keywords: Virgin Islands, Release of Judgment Lien, By Creditor, legal document, creditor, debtor's property, US Virgin Islands, lien release, judgment lien. Types of Virgin Islands Release of Judgment Lien — By Creditor: 1. Conditional Release of Judgment Lien: In some cases, a creditor may agree to release the judgment lien conditionally, meaning that certain conditions must be met by the debtor, such as making partial payments or fulfilling specific obligations, before the complete release of the lien is granted. 2. Unconditional Release of Judgment Lien: An unconditional release means that the creditor releases the judgment lien without imposing any conditions on the debtor. Once this type of release is filed and accepted, the lien is immediately removed, and the debtor's property is no longer encumbered. 3. Full Satisfaction Release of Judgment Lien: When the debtor fulfills their entire obligation to the creditor, the judgment lien can be released in full satisfaction. This type of release is often used when the debtor has paid off the debt in full, and the creditor acknowledges that the lien is no longer necessary, and the debtor is free from any further obligations. 4. Partial Release of Judgment Lien: In certain situations, a creditor may agree to release a portion of the judgment lien upon receiving a partial payment. This type of release allows the debtor to partially regain control over their property while still having an outstanding debt. 5. Release of Judgment Lien with Modification: Sometimes, a creditor may agree to modify the terms of the judgment lien release. This could involve adjusting the repayment plan, extending the payment deadline, or altering other aspects of the initial judgment lien arrangement to facilitate a more favorable resolution for both parties. It is important for both creditors and debtors to understand the various types of Virgin Islands Release of Judgment Lien — By Creditor, as they provide avenues for resolving debt-related issues and ensuring the appropriate handling of judgment liens within the legal framework of the US Virgin Islands.
Virgin Islands Release of Judgment Lien - By Creditor
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How to fill out Virgin Islands Release Of Judgment Lien - By Creditor?
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If a judgment has been entered against you, there are a few options available to you. These include paying the judgment, appealing the case, or filing a motion to rehear. If you fail to act, a number of other actions initiated by the Judgment Creditor may occur.
Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
Judgment Liens: State Va. Code §8.01-458 and 8.01-251 Expire 20 years from date entered, and may be renewed for an additional 20 years *** If real estate has been conveyed to a BFP, the lien is unenforceable 10 years after date of transfer. Known as ?10 year out of title? rule.
No execution shall be issued and no action brought on a judgment dated on or after July 1, 2021, including a judgment in favor of the Commonwealth and a judgment rendered in another state or country, after 10 years from the date of such judgment or domestication of such judgment, unless the period is extended as ...
A judgment is enforceable for a twenty-year period from the date it is rendered. VA Code Ann. § 8.01-251(A). A creditor may prevent expiration of his judgment lien by making a motion to extend within the twenty-year period.
If a levy is placed on your property, the judgment-creditor can ask the Sheriff to take it and sell it. You then would receive a notice of sale. If a levy is placed on exempt property, you should object right away. You do this by filing a Motion to Quash Levy with the court that issued the levy.
