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    LegalBeagle's Avatar
    LegalBeagle Posts: 1, Reputation: 1
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    #1

    Jan 13, 2007, 12:20 PM
    Judgment effect on Promissory Note
    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's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #2

    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's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #3

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    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
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