If I put a lien on a business approximately 10 years ago, does it expire?
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If I put a lien on a business approximately 10 years ago, does it expire?
Asked on January 17, 2013 under Bankruptcy Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Did you mean that you obtained a judgement against a party? Under Indiana law, a final judgment for the recovery of money or costs constitutes a lien on the judgment debtor’s real property located in the county where the judgment has been entered and indexed in the judgment docket. The lien attaches automatically when the judgment is entered and indexed.The automatic judgment lien against real property remains valid for a period of only ten years, in most cases, thus the judgment creditor must foreclose the lien during the ten-year period in order to execute the judgment against real property.
After the judgment lien expires, the creditor is limited to executing the judgment against other property of the debtor. The Indiana Code provides for the automatic lien to attach only to real property and not to personal property of the judgment debtor. Please speak with an attorney asap as to your case. It may be time to act. Good luck.
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