View Full Version : Judgment effect on Promissory Note
LegalBeagle
Jan 13, 2007, 12:20 PM
When a promissory note has been taken to court and a judgment entered, does this remove the security interest in the property which secured the note?
mr.yet
Jan 14, 2007, 06:09 AM
No, it does not, it means that the security interest in what is secured can now be taken to satisfy the promissory note.
s_cianci
Jan 14, 2007, 01:52 PM
I wouldn't think so. The property in question should still be valid collateral for the note.
Fr_Chuck
Jan 14, 2007, 10:45 PM
Agree as above, now that they have the judgement they can make a motion to take the property used as security.
And of course do other actions