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Definition Of Judgment Lien:


A court ruling that gives a creditor the rightto take possession ofa debtor's real property if the debtorfails tofulfill his or hercontractual obligations.
A judgment lien may be made against an individual or businessand 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 makepayment 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 mayplace a lien on debtor's car. This wayif, the debtor doesn't pay his or her creditor within a certain time period, the car is used to pay off the remaining debt.

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