What is a Judgment Lien in California?
Creditor creates a judgment liens on real property by registering an abstract of a money judgment with the county registrar. It can apply to real or personal property, including jewels, art, antiques, and other valuables.
How to Create a Judgment Lien?
California law regulates the lien judgment. A title search revealing a judgment lien means the judgment creditor has registered a Judgment Abstract in the debtor’s district.
How to Obtain a Judgment Lien in California?
To get the debtor’s judgment on California property, a creditor must mail or take the Abstract of Judgment to the county registrar’s office in any California county where the debtor currently owns property or plans to own property in the future. An abstract of judgment is a written summary of a judgment, showing the amount the losing party pays to the winner, the interest rate, court costs, and any special orders to follow. Whether the lien is to be attached to something like personal property, a creditor must file with the California Secretary of State the Abstract of Judgment notice. The lender may also notify the debtor of an examination.
What is The Duration of a Judgment Lien in California
A property lien in California can remain in the possession of property or personal property for up to 10 years, even when the property is not the property of the debtor. In addition, before it expires, a creditor should renew the lien. When the lien expires, it is no longer compulsory and the lender can not get the cash. You cannot renew the lien for 5 years after renewing it. Make sure to renew the lien in California every 10 years before the estate decision ends. A creditor must remember that several variables affect the ability to collect under a judgment lien. This involves a fixed amount that the creditor can not touch if the attached property is the debtor’s primary residence, other replaceable liabilities, and bankruptcy or foreclosure proceedings.
How is a Judgment Lien Satisfied in California?
If the Judgment is still in effect, there is usually only one way to release the lien of decision, and that is through Judgment Satisfaction. The lender of the judgment must record a Judgment Satisfaction or alternative type of lien discharge.
In California, there is no statutory right to introduce a motion to terminate the Judgment Abstract. KAASS LAW helps you create, renew, and satisfy judgment liens in California.