Users of this site should contact a licensed Texas attorney for a full and complete review of their legal issues. Users of this website should not take any actions or refrain from taking any actions based upon content or information on this website. 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 property owned or later acquired. Working with an experienced lawyer skilled in post judgement collection will ensure that the Abstract of Judgment does the important job it is intended to do.Īll information provided on (hereinafter "website") is provided for informational purposes only and is not intended to be used for legal advice. ![]() However, missing a small detail may cause the abstract of judgement not to properly encumber the property. The abstract informs the county in which you have filed it that there is a judgment against the debtor and it creates a judgment lien on the debtors real. The Abstract of Judgment is an effective tool in collecting money owed on judgements. This omission meant that the Abstract of Judgment did not comply with the requirements for creating the judgment lien. NOTE: You may record an Abstract of Judgment in any county in which the judgment debtor owns property. Before the judgment debtor's real property can be sold or refinanced, the lien must be satisfied. In one case for example, the Abstract of Judgment did not accurately reflect that the judgment debtor had made several payments toward the judgment. The Abstract places a lien on any real property owned by the judgment debtor located in the county in which it is recorded. Southern Union Exploration, 714 S.W.2d 105 (Tex. It also identifies the contact information of the judgment creditor.īecause the Abstract of Judgment effectively creates a lien, all of the required information must be correct because if the information is not recorded properly, the lien does not attach. § 52.003 (Vernon 1984) outlines the detailed requirements of the Abstract of Judgment, including names, contact information, birth dates, partial driver’s license numbers and social security numbers, the suit number, as well as any and all monies owed. affect the title to real property unless the judgment or an abstract of judgment. Most importantly, it creates a lien against non-exempt real property and is therefore filed in the county where the judgment debtor owns real estate to encumber property owned by the debtor. Section 201, Definitions - Judgment recorded in Registry of Judgments. ![]() It identifies the losing defendant, also known as the judgment debtor and the winning plaintiff, also known as the judgment creditor. Divide that number by 365 daily interest earned. Formula: Total amount of judgment owed x 10 (or 0.10) interest earned per year. An Abstract of Judgment is a public record, filed after the judgment is made, which details the judgment of a court case. lCalculating Daily Interest on a Judgment Using 10 Interest Rate Following is the formula for figuring out the amount of interest earned per day on a judgment.
0 Comments
Leave a Reply. |