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Page 13 of 13 |
What is satisfaction of judgment? |
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When the benefits, rights and obligations established by a judgment between the parties have been exchanged, the judgment is said to have been satisfied. Until satisfaction, the judgment remains outstanding and unsatisfied.
Satisfaction of a money judgment occurs when the judgment debtor pays money to the judgment creditor. The satisfaction may be partial or the satisfaction may be in full. In the event of satisfaction, it is typically (under state law) the responsibility of the judgment creditor to file a declaration with the court and send a conformed copy (date stamped by the court) of this declaration to the judgment creditor that either partial or full satisfaction of the judgment has been made by the judgment debtor. Credit reports on judgment debtors issued by credit reporting agencies should reflect all partial and full satisfactions of judgments.
(Reviewed 11.10.08) |
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