If an owner of an interest in real property has had a judgment obtained against the owner, this form addresses a release of that judgment lien.
Minnesota Release of Judgment Lien is a legal term referring to the process of removing or releasing a judgment lien that has been placed on a property in Minnesota. A judgment lien is typically imposed by a court as a result of an unpaid debt, court judgment, or legal claim, and it grants the creditor the right to collect the debt from the property. To initiate a Minnesota Release of Judgment Lien, the judgment creditor or their legal representative must file a Release of Judgment Lien form with the appropriate county recorder or registrar of titles office, depending on the property type. This form provides details about the original judgment, including the court's name, case number, and the parties involved. Additionally, it requires information about the property, such as the legal description and the current owner's name. Once the Release of Judgment Lien form is submitted, the county recorder or registrar of titles office verifies the accuracy of the information provided and records the release in the property's official records. This release releases the judgment lien from the property, indicating that the debt has been satisfied, settled, or otherwise resolved. In Minnesota, there are two main types of Release of Judgment Liens: Full releases and partial releases. 1. Full Releases: A full release of judgment lien is issued when the entire debt amount has been paid off, typically through a lump sum payment or a settlement agreement. This type of release completely extinguishes the judgment lien, freeing the property from any encumbrances related to the debt. 2. Partial Releases: A partial release of judgment lien is applicable when a portion of the debt has been satisfied or when a debtor reaches an agreement with the creditor to release the lien upon partial payment. This type of release reduces the amount of the judgment lien but does not fully eliminate it. The remaining lien will still encumber the property until it is satisfied or fully released. In conclusion, a Minnesota Release of Judgment Lien is a legal process that involves filing a Release of Judgment Lien form to remove a judgment lien from a property in Minnesota. It can be either a full release or a partial release, depending on whether the entire debt or only a portion of it has been satisfied. This process allows the property owner to regain unrestricted ownership and the ability to transfer or sell the property without the burden of the judgment lien.
