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Liens are given priority in the order that they are filed. Liens for property taxes, however, will be given priority in the case of a foreclosure sale. But after any back taxes are paid, then the lien filed in first in chronological order will be given the highest priority.
Wiki User
∙ 14y ago
Wiki User
∙ 9y agoA lien is a form of security interest, typically over property to secure the payment of debt. In practice, the word is also often used as reference to mortgages.
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Would a UCC lien on a property have priority over a mortgage that was recorded prior to the UCC?
The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.
Does a mechanical lien cancel other lien?
No. But some liens have priority over others. Usually the first lien to be filed has priority. But not always. Without knowing what the "other lien" is for, it's impossible to provide a more specific answer.
Which type of lien has highest priority?
Liens for property taxes have highest priority in a foreclosure regardless of when the lien was filed.
Can the IRS put a lien on a house that already has a lien on it from an individual?
Yes, but in most cases whoever had their lien filed and perfected first will have priority (get paid first) over anyone else who files a lien. The IRS can file a lien, they'll just be second in line.
What is the bankers' lien?
The mortgage holder's lien which is considered a secured, priority claim.
Does a lien over a residential property have priority over a bank first mortgage?
No. Just imagine, if liens filed after the mtg had priority over the mtg, then the mtgee's cosin could file a lien on the mtged property and screw the mtgor.
How did first mortgage become 2nd with new loan?
A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.
In Minnesota does a mechanics lien supersede a first lien holder?
A first lien holder is usually the lender or mortgage holder. Mechanics or Construction Liens do not supercede any lien placed before them or mortgage recorded after the lien is filed. In Minnesota mechanics liens are only enforceable for one year after the last day of service. Any lien holder, regardless of where they are in priority, can file to enforce their lien at anytime during that one year period.
What is to seek stipulation to lien priority?
It means that the parties are agreeing (stipulating) to who's liens are in first, second, third position. Basically, who is first entitled to satisfy their interests in the property.
Does an auto repair shop lien for unpaid repairs have priority over the bank who has secured interest and title?
No. The bank has a prior lien. The mechanic's lien takes second place.
Second bank recorded mortgage before first bank and now only the first bank is foreclosing home in NYC and so does second bank have interest in home that is foreclosed by first bank given these facts?
Yes, second has priority and their lien will survive the forclosure of a junior lien.
When does a judgment lien take effect the day of the judgment or the filing of the transcript in Colorado?
A judgment lien takes affect the day of the judement, HOWEVER, it must be recorded right away. If a subsequent judgment lien is recorded first then the first judgment lien would lose it's place in Massachusetts and become second in priority. Massachusetts is a "race notice" state. The first one to record the document in the land records wins!
