A judgment lien is created when a court grants a creditor an interest in the debtor's property, based upon a court judgment. A plaintiff who obtains a monetary judgment is termed a "judgment creditor." The defendant becomes a "judgment debtor."
Judgment liens may be created through a wide variety of circumstances. Laws regarding judgment liens vary by jurisdiction, so local laws should be consulted.
A Wyoming Release of Judgment Lien on Properties and Assets of Defendant refers to the legal process by which a judgment lien placed on a defendant's properties and assets is lifted or released. This typically occurs after the defendant has satisfied the judgment debt or entered into a settlement agreement with the creditor. In Wyoming, a Release of Judgment Lien can be executed through various methods, depending on the circumstances and the specific type of judgment lien involved. Some key types of Wyoming Release of Judgment Lien on Properties and Assets of Defendant include: 1. Voluntary Release: This type of release occurs when the defendant willingly satisfies the judgment debt or reaches a settlement with the judgment creditor. Upon receiving the payment or fulfillment of the settlement agreement, the creditor voluntarily releases the judgment lien. 2. Satisfaction of Judgment: If the court-ordered judgment debt has been fully paid by the defendant, they can file a Satisfaction of Judgment form with the court. This document serves as proof that the judgment has been satisfied, and the court, in turn, issues a release of the judgment lien. 3. Certificate of Satisfaction: In certain cases, a Certificate of Satisfaction may be necessary to release a judgment lien. This document is typically filed with the county recorder's office, where the judgment lien was originally recorded. It confirms that the judgment has been satisfied, and the lien is thereby released. 4. Bonded Release: In situations where the defendant intends to appeal the judgment or seeks to prevent the sale of their property due to the lien, they may post a bond. This bond effectively guarantees that the judgment debt will be paid if the appeal is unsuccessful. Once the bond is approved by the court and the necessary requirements are met, a bonded release of the judgment lien can be obtained. 5. Bankruptcy Discharge: If the defendant files for bankruptcy and obtains a discharge of their debts, the judgment lien may be released as part of the bankruptcy proceedings. This release is typically granted based on the specific rules and regulations outlined by the bankruptcy court. It is crucial for defendants to comply with the procedures and requirements set forth by the Wyoming judicial system to secure a proper Release of Judgment Lien on their properties and assets. By doing so, they can regain control of their properties and alleviate the financial burden caused by the judgment lien. Legal counsel or professional assistance may be beneficial throughout the process to ensure compliance with all necessary steps and paperwork.
