Notice Of Satisfaction Definition In Chicago
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FAQ
On credit records, debts which have been repaid in full are: shown as Satisfied if a default has been added to the record; shown as Settled if there is no default on the record.
Satisfaction is the fulfillment of an obligation. The term is often used in the context of contract law when one performs their duties under the contract. The term is also often found in the context of judgments in determining whether a party discharged their liability from a judgment.
In Illinois, a court judgment must first be recorded with the Recorder of Deeds in the county where the property is located. The creditor must record the judgment even if the property is located in the same county where the judgment was entered.
2-1301. Judgments - Default - Confession. (a) The court shall determine the rights of the parties and grant to any party any affirmative relief to which the party may be entitled on the pleadings and proofs. Judgments shall be in the form required by the nature of the case and by the recovery or relief awarded.
Ing to section 2--1303 of the Code, a judgment recovered in any court draws interest at 9% per annum from the judgment's date until the judgment is satisfied. 735 ILCS 5/2--1303 (West 2002).
A "Default Judgment" is similar to a Judge's order in that it can be used to place a lien on your property, garnish your wages and/or affect your credit. The city usually requests that the maximum fine be imposed in default matters.
Section 2-1301(d) of the Code provides, "Judgment by default may be entered for want of an appearance, or for failure to plead, but the court may, in either case, require proof of the allegations of the pleadings upon which relief is sought." 735 ILCS 5/2-1301(d) (West 2000).
9-102. When action may be maintained. (a) The person entitled to the possession of lands or tenements may be restored thereto under any of the following circumstances: (1) When a forcible entry is made thereon.
Section 2-1301(e) provides litigants with the option to bring a motion to vacate a non-final or final order during the course of litigation. 735 ILCS 5/2-1301(e). Under section 2-1301(e), a litigant can move to vacate a non-final order or judgment at any time before that order or judgment becomes final.
