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18 Cards in this Set

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lien

is a legal right that a creditor has in the borrower's property
general lien


is a claim against all property of the lienee (receiving the lien)



specific lien

is a claim against one particular property.
voluntary lien


is established intentionally by the lienee.



involuntary lien

is placed on the property without any action on the part of the owner.
a voluntary lien and involuntary lien may be created two ways

statutory lien or equitable lien
statutory lien
created by law; such as a judgment lien
equitable lien
is created by the courts based on fairness
property taxes
specific lien ( is a claim against one particular property) , involuntary lien (is placed on the property without any action on the part of the owner)
special assessments can either be voluntary or involuntary liens

are levied for the improvements made to property and specific (is a claim against one particular property) and statutory (created by law; such as a judgment lien)



what two liens take priority of the other liens


property tax (ad valorem taxes) and special assessment
mortgage lien and deed of trust

is a voluntary lien on real estate that secures the loan for the lender until the debt is paid in full
judgment

is a decision by the court on the respective rights


and claims of the parties in a suit.

a judgment is general a
involuntary equitable lien on real and personal property in the court where the judgment is rendered
creditors may seek a writ of attachment

which allows the court to retain custody of the property while a suite id being decided.
what is the propose of writ of attachment
this prevents the debtors from transferring the real estate before a judgment is rendered
irs tax lien is

general, statorty, involuntary lien on all real and personal property of the citizen that owes taxes. it does not supersede previously recorder deeds

the priority of liens are as follows

real estate taxes, special assessments, senior lien, and junior lien in the order of recording