Ad
related to: judgment lien priority
Search results
Results from the WOW.Com Content Network
The priority of the liens on a property determines which debt will be repaid first in the event of default and foreclosure. ... Judgment lien: In the event you lose a lawsuit, the plaintiff could ...
judgment liens, imposed to secure payment of a judgment; and; maritime liens, imposed on ships by admiralty law. Liens are also "perfected" or "unperfected" (see Perfection (law)). Perfected liens are those for which a creditor has established a priority right in the encumbered property concerning third-party creditors.
There are several problems: 1) to find the county where the loser owns real estate property; 2) the probability that there are secured loans, tax liens and/or other judgments that have priority over the judgment lien; 3) the possibility that the loser/debtor may go bankrupt and avoid paying the debt. [2] [3]
"Race to the courthouse" is an informal name used to describe the rule in some jurisdictions that the first conveyance instrument, mortgage, lien or judgment to be filed with the appropriate recorder's office, will have priority and prevail over documents filed subsequently, irrespective of the date of execution of the documents at issue.
In most legal systems, some creditors are given priority over ordinary creditors, either for the whole amount of their claims or up to a certain value. In some legal systems, preferential creditors take priority over all other creditors, including creditors holding security , but more commonly, the preferential creditors are only given priority ...
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 ...
The purpose of this priority is to establish the order in which lienholders are entitled to foreclose their liens in order to recover their debts. If a property's title has multiple mortgage liens and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the ...
A provision of the Act states that a person or organization indebted to the United States, against whom a judgment lien has been filed, is ineligible to receive a government grant, including disaster loans. [2] Noncompliance, depending on severity and frequency, may be punished by fine or even incarceration. FDCPA also allows the federal ...
Ad
related to: judgment lien priority