Define: Judgement Lien

A judgement lien is a court-ordered lien on a debtor’s property, granted to a creditor to compensate for unpaid debts. A judgement lien typically arises after a lawsuit: a plaintiff who is awarded a monetary amount becomes a “creditor,” and the defendant who must pay that amount becomes the “debtor.” The judgement of this monetary amount is the basis for a judgement lien. Should the debtor fail to pay, the creditor can opt to enforce the judgement – through a judgment lien. In other words, a judgement lien is used to secure payment to a creditor and is enacted only after a debtor refuses to pay voluntarily. A judgement lien is satisfied when the property that is subject to the judgement lien is sold and the sale proceeds go to the creditor. A judgement lien that is placed on personal property is referred to as an attachment.

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Definitions for Judgement Lien are sourced/syndicated and enhanced from:

• A Dictionary of Economics (Oxford Quick Reference)
• Oxford Dictionary Of Accounting
• Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February, 2020