Creditor’s Rights Flashcards
Every judgment for money rendered in Virginia by any state or federal court or by confession of judgment creates a
a lien on all of the real estate in which the defendant has an interest, whether presently owned or subsequently acquired, from the time the judgment is recorded on the judgment lien docket.
What must judgment creditor do to enforce lien against debtor?
must record on the judgment lien docket maintained by the clerk for the circuit court within the jurisdiction of which the land is located.
What must judgment creditor do to enforce lien against debtor?
must record on the judgment lien docket maintained by the clerk for the circuit court within the jurisdiction of which the land is located.
What is a garnishment? What does it do?
It is a court proceeding in which a creditor (garnishor) asks a court to order a third party (garnishee) who owes an intangible debt to the debtor, or otherwise holds assets belonging to the debtor (such as wages or bank accounts), to turn them over to the creditor instead of the debtor.
future creditor may set aside a transfer by a debtor that is
Fraudulent or constructively fraudulent even if the transfer does not involve goods that the creditor has furnished to the debtor.
Can creditor obtain wedding ring in satisfaction for debt via writ of execution?
no. No dollar limits are placed on these rings. Consequently, the debtor can protect this ring from the plaintiff’s writ of execution.
What must a holder of attachment lien do for lien to be effective against a bona fide purchaser (BFP)
holder of an attachment lien must file a memorandum of attachment or a lis pendens with the clerk’s office of the court where the property is located for the lien of attachment to be effective against a bona fide purchaser (BFP).
If holder doesn’t file memorandum lis pendis, buyer is not deemed to have personal knowledge of lien and buyer’s claim to the land is superior to the lender’s claim
How long is a judgment rendered in CC valid for?
20 yrs
What must a general contractor, subcontractor, laborer, or materialman do to perfect a mechanic’s lien?
file a memorandum of lien no later than 90 days from the last day of the month in which the contractor last performed labor or furnished material, and in no event later than 90 days from the time the structure is completed, or the work is otherwise terminated.
memorandum must be filed in the clerk’s office in the county or city in which the building or structure is located and mailed to the owner of the property, and if the claimant is not the general contractor, to the general contractor as well. The claimant must verify the memorandum by oath (i.e., affidavit). The claimant also must file a certification of mailing of a copy of the memorandum of lien to the owner and, if required, to the general contractor.
In general, can a preferential transfer made by a debtor to a creditor for an antecedent debt owed to that creditor be set aside?
No
A gift, conveyance, assignment, or transfer of real or personal property that is intended to defraud creditors may be
Set aside
A creditor bears the burden of establishing the transferor’s intent to defraud by
Clear and convincing evidence
