- Judgment Lien
- A court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations. A judgment lien may be made against an individual or business and allows the creditor to access the debtor's business, personal property and real estate, among other assets, to pay the judgment.
When a debtor does not make payment on a loan, the creditor may take legal action to receive the money to which they are entitled. Once the validity of the contract and non-payment is established, the court may order a judgment lien. The actual acquisition of real property requires additional steps.
For example, a judge may place a lien on debtor's car. This way if, the debtor doesn't pay his or her creditor within a certain time period, the car is used to pay off the remaining debt.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
judgment lien — see lien Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. judgment lien … Law dictionary
judgment lien — noun lien on a debtor s property that is granted to a creditor by court judgment; lien may be enforced by having the sheriff seize the property and hold a sheriff s sale • Hypernyms: ↑lien * * * noun : a statutory lien usually upon the real… … Useful english dictionary
judgment lien — An encumbrance that arises by law when a judgment for the recovery of money is docketed and that attaches to the debtor s real estate located in the county where the judgment is docketed. A lien binding the real estate of a judgment debtor, in… … Black's law dictionary
judgment lien — Security for the judgment debt. 30A Am J Rev ed Judgm § 480. A lien predicated upon the rendition or entry of judgment, the same being the right given the judgment creditor to subject by levy or seizure the property of the judgment debtor to the… … Ballentine's law dictionary
judgment lien — See judicial lien. American Banker Glossary … Financial and business terms
lien — / lēn/ n [Anglo French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind]: a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the… … Law dictionary
judgment — judg·ment also judge·ment / jəj mənt/ n 1 a: a formal decision or determination on a matter or case by a court; esp: final judgment in this entry compare dictum, disposition … Law dictionary
Lien (disambiguation) — Lien may refer to:In law:* Lien, the broadest term for any sort of charge or encumbrance against an item of property that secures the payment of a debt * Lien avoidance, action taken to clear title to land from a judgment lien arising out of pre… … Wikipedia
lien — a charge upon a specific property designed to secure payment of a debt or performance of an obligation (Glossary of Common Bankruptcy Terms) A charge against or interest in property to secure payment of a debt or performance of an obligation. A… … Glossary of Bankruptcy