Legal Question in Credit and Debt Law in Pennsylvania
There is a judgement note. It was written in 1998. Is is still binding, even though the person who loaned the money died?
1 Answer from Attorneys
Judgments, like diamonds, last forever. However, the issue is not whether its binding but whether it is enforcible or collectible. That is a different question. Judgments in Pennsylvania last for execution purposes for 5 years on real property (unless revived) and 20 years on personal property. So your judgment in theory can still be executed against personal property until 2018 and against real property if the judgment was revived.
What steps have you taken to execute on the judgment? Did you levy on the debtor's bank account or other property owned free and clear? When did the debtor die? Did you file a claim with the person's estate in a timely manner? Are there even any assets to get from the estate? If the debtor had no funds and n estate, then your judgment is going to be worthless.
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