Judgment lien
A non-consensual court ruling against a debtor that grants the creditor the legal right to take possession of an asset, in the event of a debtor's failure to fulfill its contractual obligations.
A judgment lien is a court-ordered claim against a property to secure payment of a debt. It can affect property transactions and refinancing, highlighting the importance of resolving financial disputes promptly to avoid legal complications.
Used in a sentence
A judgment lien was placed on the property due to unpaid debts from the contractor.
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