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abstract of judgment :: legal definition


Abstract of judgment - n. a written summary of a judgment which states how much money the losing party owes to the person who won the lawsuit (judgment creditor), the rate of interest to be paid on the judgment amount, court costs, and any specific orders that the losing party (judgment debtor) must obey, which abstract is acknowledged and stamped so that it can be recorded at the county recorder. The purpose of an abstract of judgment is to create a public record and create a lien or claim if necessary on any real estate owned or later acquired by the loser located in the county in which the abstract of judgment is recorded. If the loser does not pay the judgment voluntarily then the winner can force a sheriff's sale of any property to collect. There are several problems: a) to find the county where the loser owns real estate; b) the probability that there are secured loans, tax liens and/or other judgments that come ahead of the judgment lien; c) the possibility that the loser/debtor may go bankrupt and avoid paying the debt.

See also: levy lien and Related Law Terms ↓


Related Law Terms

abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
acknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.
administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
after-acquired title :: n. title to property acquired after the owner atte ... ed title goes automatically to Sam.
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bilateral contract :: n. an agreement in which the parties exchange prom ... also: contract unilateral contract
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied.
confession of judgment :: n. a written agreement in which the defendant in a ... rms are fulfilled by the defendant.
consent decree :: n. an order of a judge based upon an agreement, al ... he same. See also: consent judgment
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners.
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed
court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials.
court costs :: n. fees for expenses that the courts pass on to at ... ee also: cost bill prevailing party
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deposition :: n. the taking and recording of testimony of a witn ... See also: deponent depose discovery
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
escrow instructions :: n. the written instructions by buyer and seller of ... ir agents. See also: closing escrow
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
land :: n. real property, real estate (and all that grows ... See also: real estate real property
leasehold :: n. the real estate which is the subject of a lease ... sehold. See also: condominium lease
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
out of court :: adj. referring to actions, including negotiations ... is dismissed. See also: settlement
paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader
parcel :: n. a defined piece of real estate, usually resulti ... See also: real estate real property
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
premises :: n. 1) in real estate, land and the improvements on ... t). See also: real estate structure
proper party :: n. a person or entity who has an interest (financi ... lf. See also: necessary party party
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
race to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgage
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
several liability :: n. referring to responsibility of one party for th ... n joint and several promissory note
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
summary adjudication of issues :: n. a court order ruling that certain factual issue ... is made. See also: summary judgment
summary judgment :: n. a court order ruling that no factual issues rem ... tion summary adjudication of issues
tax costs :: n. a motion to contest a claim for court costs sub ... sts" to avoid paying these charges.
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
trade fixture :: n. a piece of equipment on or attached to the real ... uch damage. See also: fixture trade
venue :: n. 1) the proper or most convenient location for t ... ion. See also: forum non conveniens

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien