North Dakota Release of Judgment Lien — By Creditor is a legal document that releases a creditor's claim on a debtor's property. This release serves as proof that the judgment lien has been satisfied, enabling the debtor to regain ownership and control over the property. The creditor, in return, acknowledges that the debt has been paid in full or that an agreement has been reached, and thus, waives any further rights to the property. In North Dakota, there are several types of Release of Judgment Lien — By Creditor, including: 1. Full Release: This type of release is used when the creditor has received full payment of the debt owed by the debtor. It completely removes the judgment lien from the debtor's property, ensuring the debtor's freedom to sell, transfer, or encumber the property without any restrictions. 2. Partial Release: When the debtor has made a partial payment towards the judgment debt, the creditor may opt for a partial release. This release acknowledges the partial satisfaction of the debt and removes the lien from a specific portion of the property, allowing the debtor to deal with that portion freely. 3. Conditional Release: In situations where the debtor and creditor have entered into a settlement agreement or an installment payment plan, a conditional release may be utilized. This release is contingent upon the debtor fulfilling certain conditions, such as making timely payments or adhering to specific terms agreed upon by both parties. 4. Release of Lien on Property Transfer: When the debtor plans to sell or transfer the property subject to the judgment lien, the creditor may issue a release. This release allows the transfer to take place by acknowledging that the lien no longer encumbers the property and the creditor has no further claim to it. To create a North Dakota Release of Judgment Lien — By Creditor, it is crucial to provide accurate information regarding the names and addresses of both the creditor and debtor, details of the judgment, the property affected by the lien, and the specifics of the release being sought (full, partial, conditional, or related to a property transfer). It is recommended to consult with an attorney to ensure compliance with all applicable laws and regulations in North Dakota.
North Dakota Release of Judgment Lien - By Creditor
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How to fill out North Dakota Release Of Judgment Lien - By Creditor?
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The judgment creditor must apply for a writ of execution in the same North Dakota county that ordered the judgment. For foreign judgments registered in North Dakota, the judgment creditor must apply for a writ of execution in the same North Dakota county where the foreign judgment is registered.
A person who has received a financial award from a court is known as a judgement debtor. The losing party is required to pay the award's sum, known as the judgement debt, if the court issues a judgement calling for monetary damages.
A judgment generally operates to settle finally and authoritatively matters in dispute before a court. Judgments may be classified as in personam, in rem, or quasi in rem.
For example, a customer may seek a civil judgment against a company for a breached contract, or two neighbors may seek legal remedies in a property dispute. These types of judgments typically result in monetary compensation to the injured party, but they may also involve additional fines or penalties.
Judgment creditor. noun [ C ] LAW ( UK also judgement creditor) Add to word list Add to word list. a person or company that a court of law has decided has the legal right to receive money from another person or company.
Judgment creditors usually record this kind of lien on property with title papers, such as a car or a business's assets. If, for example, you tried to sell your car, the lien would appear, and you'd have to pay off the judgment creditor before selling.
Tells the court and others that a judgment has been paid in full or in part. Can be recorded with a county to release a lien against the judgment debtor's land or filed with the Secretary of State to release a lien against the debtor's personal property.
FindLaw Newsletters Stay up-to-date with how the law affects your life Injury to PersonSix years (N.D.C.C. § 28-01-16)ContractsWritten: Six years (N.D.C.C. § 28-01-16(1)) ); Oral: Six years (N.D.C.C. § 28-01-16(1))Collection of Debt on AccountSix years (N.D.C.C. § 28-01-16(1))Judgments10 years (N.D.C.C. § 28-01-15)7 more rows
