a written summary of a judgment which states how much money the losing party owes
to the person who won the lawsuit (judgment creditor), the rate of interest to be
paid on the judgment amount, court costs, and any specific orders that the losing
party (judgment debtor) must obey, which abstract is acknowledged and stamped so
that it can be recorded at the county recorder. The purpose of an abstract of judgment
is to create a public record and create a lien or claim if necessary on any real
estate owned or later acquired by the loser located in the county in which the abstract
of judgment is recorded. If the loser does not pay the judgment voluntarily then
the winner can force a sheriff's sale of any property to collect. There are several
problems a) to find the county where the loser owns real estate; b) the probability
that there are secured loans, tax liens and/or other judgments that come ahead of
the judgment lien; c) the possibility that the loser/debtor may go bankrupt and
avoid paying the debt.
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