New Jersey Release of Judgment Lien - Abstract of Judgment

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-1111
• Format: Word; Rich Text

Description

This form is a release of judgment lien for abstract of judgment. A New Jersey Release of Judgment Lien, also known as an Abstract of Judgment, is a legal document that serves to remove a judgment lien from real property. When a creditor obtains a judgment against a debtor, they can place a lien on the debtor's property to secure the debt. However, once the debt is satisfied, the creditor must file a Release of Judgment Lien to clear the property title. There are two main types of New Jersey Release of Judgment Lien — Abstract of Judgment: 1. Voluntary Release: A voluntary release is filed by the judgment creditor upon receiving full payment or satisfaction of the judgment debt. This document officially cancels the judgment lien and removes any encumbrance on the debtor's property. 2. Release by Operation of Law: In some cases, a judgment lien may be released automatically by operation of law. This typically occurs when a judgment is vacated or reversed on appeal, or when the judgment debtor successfully files for bankruptcy. It's important to note that the release of a judgment lien does not erase the underlying judgment itself. Instead, it only removes the lien from the property, allowing the debtor to freely sell or transfer it without any encumbrances. However, the original judgment remains valid and can still be enforced by the creditor through other appropriate legal means. To initiate the process of obtaining a release of judgment lien in New Jersey, the judgment debtor or their attorney must submit a request to the appropriate court. This request should include details such as the case number, parties involved, and the amount of the judgment. Upon approval by the court, a Release of Judgment Lien — Abstract of Judgment will be issued and recorded with the county clerk where the judgment was initially filed. In summary, a New Jersey Release of Judgment Lien — Abstract of Judgment is a crucial document that allows a debtor to regain full control of their property after satisfying a judgment debt. By promptly filing this release, debtors can ensure that their property title is clear and free from any encumbrances resulting from a previously placed judgment lien.

A New Jersey Release of Judgment Lien, also known as an Abstract of Judgment, is a legal document that serves to remove a judgment lien from real property. When a creditor obtains a judgment against a debtor, they can place a lien on the debtor's property to secure the debt. However, once the debt is satisfied, the creditor must file a Release of Judgment Lien to clear the property title. There are two main types of New Jersey Release of Judgment Lien — Abstract of Judgment: 1. Voluntary Release: A voluntary release is filed by the judgment creditor upon receiving full payment or satisfaction of the judgment debt. This document officially cancels the judgment lien and removes any encumbrance on the debtor's property. 2. Release by Operation of Law: In some cases, a judgment lien may be released automatically by operation of law. This typically occurs when a judgment is vacated or reversed on appeal, or when the judgment debtor successfully files for bankruptcy. It's important to note that the release of a judgment lien does not erase the underlying judgment itself. Instead, it only removes the lien from the property, allowing the debtor to freely sell or transfer it without any encumbrances. However, the original judgment remains valid and can still be enforced by the creditor through other appropriate legal means. To initiate the process of obtaining a release of judgment lien in New Jersey, the judgment debtor or their attorney must submit a request to the appropriate court. This request should include details such as the case number, parties involved, and the amount of the judgment. Upon approval by the court, a Release of Judgment Lien — Abstract of Judgment will be issued and recorded with the county clerk where the judgment was initially filed. In summary, a New Jersey Release of Judgment Lien — Abstract of Judgment is a crucial document that allows a debtor to regain full control of their property after satisfying a judgment debt. By promptly filing this release, debtors can ensure that their property title is clear and free from any encumbrances resulting from a previously placed judgment lien.