Judgment Lien in Real Property Flashcards
A real property judgment lien is created when..
the judgment is docketed in the real estate recording system and becomes visible. This is the public act. Note that is not created when the judgement occurs, but when it is docketed.
A judgment is automically docketed by the clerk of the court in…
the county where judgement is rendered.
Judgment from another county is docketed by…
Filing a copy of the judgment with the county clerk where enforcement is sought.
A real property judgment lien is a floating lien on..
all non-exempt real property in the county.
A judgment lien attaches automatically to…
after-acquired real property.
A real property judgment lien only attaches to…
the debtor’s interest in property. It does not attach to a tenancy by the entirety.
How long does a real property judgment lien last?
As long as the judgment.
A real property judgment lien must be re-docketed after…
Any 20-year extensions.
If the creditor extends the judgment before expiration, the priority date…
relates back to the original date of docketing.
What’s the exception to the 20-year duration of a real property judgment lien?
Real property sold to a third party. In this case, the lien lasts only 10 years and cannot be extended.
If the real property is sold to a third party, you must file a ___ _______ within 10 years to enforce the lien.
lis pendens
To enforce a lien, the creditor must…
bring a creditor’s suit in equity.
What happens during a creditor’s suit in equity?
The chancellor appoints a commissioner to determine ownership and interests in property and conducts a sale of the property.
There is no ____ __ _________ for real property in Virginia.
right of redemption
The right of redemption is the debtor’s right to…
retain property at any time prior to final sale by paying the debt in full. In VA, debtor may not prevent enforcement of a lien by paying the debt.
