A North Carolina Partial Release of Judgment Lien is a legal document that allows a creditor to release a portion of their judgment lien on a debtor's property in exchange for a partial payment. This release can alleviate some burden on the debtor while still securing the creditor's rights to the remaining portion of the judgment lien. In North Carolina, there are two main types of Partial Release of Judgment Lien: 1. Voluntary Partial Release: This type of release occurs when the creditor agrees to release a portion of the judgment lien voluntarily. It is often negotiated between the debtor and creditor, where the debtor offers a partial payment in exchange for a partial release of the lien. This agreement is then documented in a written Partial Release of Judgment Lien form, signed by both parties. 2. Court-Ordered Partial Release: In some cases, a debtor can seek a court-ordered partial release of their judgment lien. This typically occurs when the debtor believes that the amount of the lien exceeds the value of the property. To request a court-ordered release, the debtor must file a motion or petition with the court, explaining why a partial release is necessary. The court will then review the evidence provided and make a determination based on fairness and equity. The North Carolina Partial Release of Judgment Lien serves as proof that a portion of the lien has been released and provides clarity on the remaining amount. It is important for both debtor and creditor to carefully document any partial release agreements to prevent any future disputes or confusion. Keywords: North Carolina, Partial Release of Judgment Lien, creditor, debtor, legal document, voluntary, court-ordered, negotiation, payment, lien release, court, motion, petition, fairness, equity.
North Carolina Partial Release of Judgment Lien
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How to fill out North Carolina Partial Release Of Judgment Lien?
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