South Dakota Satisfaction of Judgment
Definition and meaning
The South Dakota Satisfaction of Judgment is a legal document used to formally acknowledge the payment of a judgment debt in South Dakota. This form indicates that the judgment creditor has received full payment from the judgment debtor, thus satisfying the terms of the court's ruling. By completing this form, the creditor can request that the court records reflect that the judgment has been satisfied, providing both parties with legal assurance that the debt has been resolved.
How to complete a form
Completing the South Dakota Satisfaction of Judgment form requires careful attention to detail. Follow these steps:
- Enter the court's name and the county where the judgment was issued.
- Provide the names of the plaintiff(s) and defendant(s) as well as their roles in the action.
- Fill in the cause number assigned to the case.
- Specify the total amount of the judgment, including any accrued interest or fees.
- Date the form and have it signed by the plaintiff(s) or the attorney representing the plaintiff(s).
- Ensure the document is notarized to validate the signatures.
Once completed, the form must be filed with the appropriate court to update the judgment records.
Who should use this form
This form is intended for use by judgment creditors who have received full payment of amounts owed as per a court judgment. It is particularly relevant for:
- Individuals seeking to clear their records of a judgment debt.
- Attorneys representing clients who wish to formally acknowledge satisfaction of a judgment.
- Entities or corporations that have been awarded judgment against a debtor and have since been paid.
Using this form ensures that the court's records accurately reflect the status of the judgment.
Legal use and context
The South Dakota Satisfaction of Judgment form serves a crucial role in the legal process following the resolution of a debt. Once a judgment is granted, it allows the creditor to enforce payment. This form is used when that obligation has been fulfilled, thus protecting the rights of both parties by formally documenting the resolution of the debt. It helps avoid ambiguity in future financial dealings and can be vital if disputes arise later regarding the debt's status.
Form popularity
FAQ
Once a judgment is paid, whether in installments or a lump sum, a judgment creditor (the person who won the case) must acknowledge that the judgment has been paid by filing a Satisfaction of Judgment form with the court clerk.
In order to vacate a judgment in California, You must file a motion with the court asking the judge to vacate or set aside the judgment. Among other things, you must tell the judge why you did not respond to the lawsuit (this can be done by written declaration).
Judgments are no longer factored into credit scores, though they are still public record and can still impact your ability to qualify for credit or loans.If a civil judgment is still on your credit report, file a dispute with the appropriate credit reporting agencies to have it removed.
Once a judgment is paid, whether in installments or a lump sum, a judgment creditor (the person who won the case) must acknowledge that the judgment has been paid by filing a Satisfaction of Judgment form with the court clerk.
A judgment is enforceable for a period of ten (10) years and may be renewed for an addition period of ten Page 2 2 (10) years. SDCL ?15-16-7;15-16-35.
A Satisfaction of Judgment is a document signed by one party acknowledge receipt of the payment. The Satisfaction of Judgment is then filed with the court. This is beneficial to the paying party for multiple reasons. One, the court is put on notice that the debt has been satisfied.
If the judgment creditor does not immediately file an Acknowledgement of Satisfaction of Judgment (EJ-100) when the judgment is satisfied, the judgment debtor may make a formal written demand for the creditor to do so. The judgment creditor has 15 days after receiving the debtor's request to serve the acknowledgement.