Legal Question in Credit and Debt Law in Tennessee

A person signed a promissory note who I lend money, went to court and won a judgment, I recorded the jusgement in the records of deeds. When the person pays off the loan, do I need to complete a release form that the loan was payed, and provide the form to the court? How many years before the judgement expires?

Asked on 4/21/12, 3:55 pm

1 Answer from Attorneys

Howard R. Peppel Peppel, Gomes & MacIntosh, P.C.

When you recorded the judgment with the register's office, you created a judgment lien against property owned by the judgment debtor. Once the judgment is fully paid, including the accruing post-judgment interest and court costs, you will have to file a relese of the judgment lien with the register's office. You will also need to file a notice of satisfaction with the court that awarded you the judgment.

As regards post-judgment interest, unless the court awarded you a specific amount of interest, the judgment, if entered by a Tennessee court, is accruing interest at a rate of 10% per annum, such being specified by Section 47-14-121, Tennessee Code Annotated.

With respect to the judgment expiring, the judgment is valid and enforceable for a period of ten years at which time it will expire. However, it can be renewed for successive periods of ten years by making application to the court that awarded the judgment to renew the judgment pursuant to Rule 69, Tennessee Rules of Civil Procedure, that is now applicable to all Tennessee courts such as general sessions, circuit and chancery courts.

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Answered on 4/21/12, 5:18 pm

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