Arkansas Release of Judgment Lien - By Creditor

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-1112
• Format: Word; Rich Text

Description

This form is a release of judgment lien by creditor. Keywords: Arkansas, Release of Judgment Lien, By Creditor, types Description: The Arkansas Release of Judgment Lien — By Creditor is a legal document used by creditors to release their judgment liens from a debtor's property in the state of Arkansas. A judgment lien is a court-ordered claim placed on a debtor's property or assets to ensure the repayment of a debt. Once a judgment lien is satisfied, the creditor must file a release to remove the lien from the debtor's property records. There are two common types of Arkansas Release of Judgment Lien — By Creditor: 1. Full Release: Also known as a "completely satisfied" release, this type of release is used when the debtor has successfully paid off the judgment lien in full. By filing a full release, the creditor acknowledges that the debt has been fully satisfied, and the lien is released from the debtor's property. It is crucial to file this release with the appropriate county or municipal recorder's office to clear the title and ensure the lien no longer encumbers the property. 2. Partial Release: In situations where the debtor has partially satisfied the judgment lien but is unable to fully pay off the debt, a partial release may be issued by the creditor. This type of release removes the lien from a specific portion of the debtor's property or assets, allowing the debtor to sell or transfer ownership of the released portion. The remaining unpaid portion of the judgment lien will continue to encumber the debtor's remaining assets. It's important to note that if the judgment lien holder fails to file a release after the debt has been satisfied, the debtor may face difficulties in selling or transferring the affected property. Additionally, the creditor may be subject to legal consequences if they fail to release the judgment lien as required by Arkansas law. To properly execute an Arkansas Release of Judgment Lien — By Creditor, the document should include details such as the names and addresses of both the creditor and debtor, the case number and court where the judgment was entered, the amount of the judgment, and a notarized signature of the creditor. Once completed, the release should be filed with the appropriate recorder's office in the county where the judgment was recorded. Seeking legal advice or assistance from an attorney experienced in Arkansas lien law is highly recommended for both creditors and debtors to ensure compliance with the specific requirements and procedures for releasing judgment liens.

Keywords: Arkansas, Release of Judgment Lien, By Creditor, types Description: The Arkansas Release of Judgment Lien — By Creditor is a legal document used by creditors to release their judgment liens from a debtor's property in the state of Arkansas. A judgment lien is a court-ordered claim placed on a debtor's property or assets to ensure the repayment of a debt. Once a judgment lien is satisfied, the creditor must file a release to remove the lien from the debtor's property records. There are two common types of Arkansas Release of Judgment Lien — By Creditor: 1. Full Release: Also known as a "completely satisfied" release, this type of release is used when the debtor has successfully paid off the judgment lien in full. By filing a full release, the creditor acknowledges that the debt has been fully satisfied, and the lien is released from the debtor's property. It is crucial to file this release with the appropriate county or municipal recorder's office to clear the title and ensure the lien no longer encumbers the property. 2. Partial Release: In situations where the debtor has partially satisfied the judgment lien but is unable to fully pay off the debt, a partial release may be issued by the creditor. This type of release removes the lien from a specific portion of the debtor's property or assets, allowing the debtor to sell or transfer ownership of the released portion. The remaining unpaid portion of the judgment lien will continue to encumber the debtor's remaining assets. It's important to note that if the judgment lien holder fails to file a release after the debt has been satisfied, the debtor may face difficulties in selling or transferring the affected property. Additionally, the creditor may be subject to legal consequences if they fail to release the judgment lien as required by Arkansas law. To properly execute an Arkansas Release of Judgment Lien — By Creditor, the document should include details such as the names and addresses of both the creditor and debtor, the case number and court where the judgment was entered, the amount of the judgment, and a notarized signature of the creditor. Once completed, the release should be filed with the appropriate recorder's office in the county where the judgment was recorded. Seeking legal advice or assistance from an attorney experienced in Arkansas lien law is highly recommended for both creditors and debtors to ensure compliance with the specific requirements and procedures for releasing judgment liens.