Abstract of Judgment
The reduction, elimination, or suspension of a legal proceeding, charge, or financial obligation.
What is Abstract of Judgment?
An abstract of judgment is an official summary of a court’s final judgment, showing the amount owed and parties involved. When recorded with the county, it creates a lien on the debtor’s real property, securing the creditor’s right to collect the judgment.
Why It Matters?
It helps creditors enforce payment by attaching the judgment to the debtor’s property.
Example
A creditor records an abstract of judgment so the debtor cannot sell a home without satisfying the debt.
Related Terms
Mediation
Litigation