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13 Cards in this Set
- Front
- Back
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encumbrance equals
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Anything that affects title to real property
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mechanics lien - time restriction
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must be filed within 120 days after finishing work
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mechanics lien -- effective as of
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the date the work was finished
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General liens affect
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affects all property of a debtor real and personal
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personal property taxes liens-- if unpaid
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becomes general, involuntary lien against all property
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priority of liens
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tax leins - both real and personal- have priority over all
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state tax liens -- inheritance & income -- if unpaid
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becomes general, involuntary lien against all property
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state tax liens -- duration
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10 years
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federal tax liens- if unpaid
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becomes general, involuntary lien against all property
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federal tax liens -- priority
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based on the date of filing or recording -- does not supersede previous recorded liens
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liens and selling property
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property can be settled -- Lein goes against property -- not sell or
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order of payment and court-ordered sale
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"1. property tax & special assessments (superior liens)
2. Other outstanding liens in order of date and time filed 3. Mechanics lien is based on date work started not when filed" |
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Lis Pendens equals
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not a lien, but an encumbrance -- if judgment is granted lein must be satisfied by property
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