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Common-law liens are divided into special liens and general liens. A special lien, the more common kind, requires a close connection between the property and the service rendered. A special lien can only be exercised regarding fees relating to the instant transaction; the lienor cannot use the property held as security for past debts.
Specific liens: A specific lien is tied to one certain asset and typically used for larger loans, such as mortgages. If you get a mortgage for a vacation home, for instance, the lender will put a ...
Mechanic's liens are enforced exclusively through judicial foreclosure sales, i.e., through court proceedings similar to mortgage foreclosures. The court must determine whether the requirements of the statute have been met and, if so, the priority of the mechanic's lien being foreclosed relative to the other liens or encumbrances on the title.
A federal tax lien arising by law as described above is valid against the taxpayer without any further action by the government. The general rule is that where two or more creditors have competing liens against the same property, the creditor whose lien was perfected at the earlier time takes priority over the creditor whose lien was perfected at a later time (there are exceptions to this rule ...
In real estate, clear title and clean title are used interchangeably to refer to a home title that is free of liens or other issues. Yes, it’s possible to buy a home without clear title, but it ...
In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
After placing 11,500 liens on patient homes for unpaid bills, a North Carolina hospital canceled them. Here’s what happened—and how to manage medical debt.
For instance, in the United States, a federal tax lien, which is a non-maritime lien, is subordinate to every lien for supplies, fuel, repairs, etc., which are all maritime liens. Normally, a maritime lien relates to the different marine transactions in the admiralty jurisdiction and creates the maritime claims.
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