Michigan Abstract of Judgment is a legal document that provides a simplified and condensed summary of a judgment obtained in a court of law in Michigan. It serves as a crucial tool for creditors to enforce their rights and collect the owed debt from a debtor. This official document includes essential details such as the names and addresses of the parties involved, the case number, the court where the judgment was entered, and the date of the judgment. It also outlines the specific amount of the judgment, including any interest or fees awarded by the court. By recording the Abstract of Judgment with the county clerk's office in the county where the debtor owns real property, creditors create a lien on the debtor's real estate. This lien will appear on the title search and can prevent the debtor from selling or transferring ownership of their property without satisfying the outstanding debt. In Michigan, there are two primary types of Abstracts of Judgment: General and Specific: 1. General Abstract of Judgment: This type of abstract is used when the debtor owns real property in multiple counties within Michigan. To secure the lien, the creditor files the General Abstract of Judgment in the county where the judgment was entered, and it then serves as a statewide lien on all the debtor's properties. 2. Specific Abstract of Judgment: This type is utilized when the debtor only owns real property in a particular county within Michigan. Unlike the General Abstract of Judgment, the Specific Abstract is filed directly with the county clerk's office in the county where the debtor owns property, creating a lien limited to that specific county. Michigan Abstract of Judgments are a powerful tool that helps ensure the satisfaction of a monetary judgment. By recording this document, creditors secure their position and increase their chances of recovering the owed debt from the debtor's real estate assets. It is important for creditors to consult with legal professionals to understand the precise procedures and requirements to properly file an Abstract of Judgment in Michigan.
Michigan Abstract of Judgment
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