This is a form of a Partial Release of Judgment Lien.
Idaho Partial Release of Judgment Lien
Category:
State:
Multi-State
Control #:
US-OG-543
Format:
Word;
Rich Text
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FAQ
The creditor collects on a judgment through a "Writ of Execution" which directs a sheriff to seize the debtor's money, property, or real estate to pay the debt (in limited situations, money or property may be taken before a court enters a judgment).
After the lien is recorded and delivered, it is valid for 6 months after the date of filing. Unless you extend the lien, you only have 6 months to enforce your lien claim if needed. If you get paid, it's a good idea to release your lien from the property.
Id. A lien resulting from a judgment continues for ten years. Idaho Code § 10-1110. The judgment may be renewed and the lien continued for an additional ten years.
For collection of a debt on an account, where there is an agreement in writing, the statute of limitations is five years. (Refer to §5-216.) For collection of a debt on an account, where there is an oral agreement, the statute of limitations is four years. (Refer to §5-217.)
Idaho's lien law can be found in Idaho Code Title 45, Chapter 5. Under this law, when you hire a contractor to do construction work for you, that contractor has a right to secure payment for labor and materials by placing a lien on the property being improved.
A creditor must collect on the debt within five years after a court issues a judgment, although a creditor can renew a judgment for additional five year periods. If the creditor does not collect on or renew the judgment within the five year period, they cannot force the debtor to pay...