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"Abstract of judgment" is a written summary of a judgment which states how much money the losing defendant 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 defendant (judgment debtor) must obey, which abstract is acknowledged ...
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...
To obtain a lien on real property in the state of Virginia, the judgment creditor must "docket" the lien in the public records office of the city or county where that property is physically located. Once the lien is docketed, the creditor files a "creditor's bill in equity" in that jurisdiction, which will require the chancellor to appoint a ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
common-law lien—a lien arising under the common law, rather than by statute, equity, or agreement between the parties. concurrent lien—means one of two or more liens over the same property. consummate lien (United States)—a judgment lien arising after the denial of a motion for a new trial.
In Israel, which is a common law jurisdiction, settlements almost always are submitted to the court, for two reasons: (a) only by submitting the settlement to the court can the litigants control whether the court will order one or more parties to pay costs, and (b) the plaintiff (claimant) usually prefers for the settlement to be given the ...
In the context of contract law, debt collection and civil litigation, the term judgment proof is commonly used to refer to defendants or potential defendants who are financially insolvent, or whose income and assets cannot be obtained in satisfaction of a judgment. Being "judgment proof" is not a defense to a lawsuit.
The Federal Debt Collection Procedures Act of 1990 (FDCPA), Title XXXVI of the Crime Control Act of 1990, Pub. L. No. 101-647, 104 Stat. 4789, 4933 (Nov. 29, 1990), is a United States federal law passed in 1990, affecting collection of money owed to the United States government. The FDCPA preempts state remedy laws in most circumstances.