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9 Cards in this Set
- Front
- Back
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Financial claim against property by a creditor or unit of government. And encumbrance on the title. Used to secure the payment of a debt. May be voluntary or involuntary. |
Lean |
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Three types of superior liens |
Real estate tax lien Special assessment lien Federal estate tax lien |
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Assessed and becomes a lien on January 1st. Tax bill is received after November 1st. Taxes are paid in arrears. |
Real estate tax lien |
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Lean for improvement such as road paving. |
Special assessment lien |
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Become a lean at the time of death. |
Federal estate tax lien |
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A voluntary pledge of property as security for repayment of a loan. |
Mortgage lien |
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Imposed by a court only if no other form of security has been received. |
Vendor's lien |
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Filed in the public records against property owned by a debtor to enforce payment of a court award. |
Judgement lien |
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Lis Pendens |
Notice of a pending lawsuit |
