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New York Satisfaction of Judgment

Category:
Local County - Nassau - Supreme Court - General
State:
New York
Control #:
NY-NU-33
Format:
PDF
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Description

Satisfaction of Judgment
New York Satisfaction of Judgment is a legal document that is filed in court to formally acknowledge that a debt has been paid or that a judgment has been otherwise satisfied. This document is necessary to clear the debt from the debtor's credit history, as well as formally end the court-ordered payment plan. There are two types of New York Satisfaction of Judgment that may be filed: Full Satisfaction of Judgment and Partial Satisfaction of Judgment. A Full Satisfaction of Judgment is filed when the entire amount of the debt has been paid off. A Partial Satisfaction of Judgment is filed when only a portion of the debt has been paid off. Both types of Satisfaction of Judgment must be filed in the court where the original judgment was issued and must include specific information about the debt, the debtor, and the creditor.

New York Satisfaction of Judgment is a legal document that is filed in court to formally acknowledge that a debt has been paid or that a judgment has been otherwise satisfied. This document is necessary to clear the debt from the debtor's credit history, as well as formally end the court-ordered payment plan. There are two types of New York Satisfaction of Judgment that may be filed: Full Satisfaction of Judgment and Partial Satisfaction of Judgment. A Full Satisfaction of Judgment is filed when the entire amount of the debt has been paid off. A Partial Satisfaction of Judgment is filed when only a portion of the debt has been paid off. Both types of Satisfaction of Judgment must be filed in the court where the original judgment was issued and must include specific information about the debt, the debtor, and the creditor.

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FAQ

The statute of limitations for collecting on a New York judgment is 20 years, which starts the day the judgment creditor is first able to collect on the judgment. This timeline can sometimes be restarted.

Confessions of Judgment are permitted in Maryland, Michigan, Illinois, New Jersey, Minnesota, Ohio, Pennsylvania, Virginia, and Texas. Pennsylvania allows these judgment clauses specifically in UCC transactions.

A confession of judgment (?COJ?) in New York is a way for a party to obtain a judgment without the need to bring a lawsuit. It is a document in the form of an affidavit by the party confessing judgment. Both individuals and entities (i.e., such as corporations and LLCs) can confess judgment.

A confession of judgment is a significant legal concession, so it requires appropriate formalities to be executed and subsequently enforceable. California Code of Civil Procedure (CCP) sections 1132, 1133, and 1134 govern confessions of judgment.

When seeking to set aside a judgment on default or entered pursuant to a confession, you need to submit an affidavit to the court in support of an application to vacate the judgment. The application will either be by motion to vacate or by order to show cause.

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.

In particular, confessions of judgment are only valid for three years after they are signed. Given how quickly a confession of judgment can be turned into an actual judgment, and the potential for abuse, the New York legislature has recently amended CPLR § 3218 further to restrict the use of confessions of judgment.

In New York, a judgment lien can be placed on a judgment debtor's real property or personal property to secure the collection of a money judgment. Real property is real estate, such as your house, condo, or other land. This means that in New York, a judgment creditor can place a judgment lien against your home.

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NOTICE TO JUDGMENT DEBTOR: If this is an acknowledgment of full satisfaction of judgment, it will have to be recorded in each. Acknowledgment of Satisfaction of Judgment (EJ-100).Tells the court and others that a judgment has been paid in full or in part. Satisfaction of a judgment means that the judgment is no longer a lien on the debtor's real property. The winning party must serve a copy of the completed Satisfaction of Judgment (Form 9) on each losing party in the Small Claims Court case. To Judgment Debtor(s):. I (We) knowingly and voluntarily state that the judgment in this matter has been paid off or satisfied in full,. Respondent(s):. (Date File Stamp). Satisfaction of Judgment. And the Clerk of Court shall record the same.

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