Definition from Nolo’s Plain-English Law Dictionary
A written summary of a court judgment stating how much money the losing defendant (the judgment debtor) owes to the person who won (the judgment creditor), the rate of interest to be paid on the judgment amount, court costs, and any specific orders that the losing defendant must obey. The abstract is acknowledged and stamped so that it can be recorded and made official with the government. The purpose is to create a public record and create a lien or claim if necessary on any real property owned or later acquired by the defendant located in the county in which the abstract of judgment is recorded.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:10 pm