meaning of abstract of judgment

abstract of judgment meaning in Legal Dictionary

n. a written summary of a view which states the amount of money the losing party owes into individual who won the lawsuit (judgment creditor), the rate of interest become compensated on the wisdom amount, court prices, and any certain orders that the dropping party (view debtor) must follow, which abstract is acknowledged and stamped so that it could be taped during the county recorder. The purpose of an abstract of wisdom is produce a public record and create a lien or claim if necessary on any property owned or later on acquired because of the loser located in the county in which the abstract of judgment is taped. In the event that loser does not spend the judgment voluntarily then your champion can force a sheriff's purchase of any residential property to collect. There are numerous issues: a) to get the county where in fact the loser owns real estate; b) the probability there are secured finance, tax liens and/or other judgments which come ahead of the view lien; c) the possibility that the loser/debtor might go bankrupt and give a wide berth to spending the debt.