Liens Flashcards
(14 cards)
What is a lien?
A claim to have a debt or other obligation satisfied out of property belonging to another
What is an example of a voluntary lien?
Mortgage lien
How are involuntary liens created?
By law
What is a general lien?
Not restricted to one property but may affect all the properties of a debtor
What are three kinds of general liens?
- Judgment lien
- Income tax (IRS) lien
- Estate tax lien
What is a specific lien?
Applies only to a specific property
Property tax and special assessment liens become liens as soon as ____
Assessment is made
A mortgage lien pledges ____ ____ as collateral
Real property as collateral
priority is based on date of recording
How is a vendor’s lien created?
When a purchase money mortgage is recorded by the seller
priority is established by date of recording
A construction lien must be filed within ___ days after the last work is done
90 days
A construction lien assumes priority over _____ ____ created after the first work was done
Mortgage liens
The priority of junior liens is based on the ___ ___ with the clerk of the circuit court in the county where the property is located
Recording date
Construction liens are an ____ to the priority rule regarding the recording date
Exception
A _ agreement changes the priority of liens
Subordination agreement
