An equitable lien exists independently of possession it may bind property not in possession at the time the obligation incurred but it cannot avail against the buyer of a legal estate for value without notice of the lien.
Is Nevada a title theory state or a lien theory state?
Nevada is a lien theory state. In "title theory" states, actual "legal title" to the property temporarily passes to a trustee to secure the debt. The borrower (grantor), retains possession rights and "equitable title" and has full use of the property for the mortgage term. When the loan is paid off, legal title is restored without the necessity of a reconveyance. In "lien theory" states, the lender (mortgagee) places a "lien" on the mortgaged real property while the borrower retains both "equitable"...
Asked in Liens, Property Law
Why would some one put a lien on their own home?
A person might place a lien on their own home if they were misinformed. The lien would be null and void. For a creditor, a lien creates an equitable interest in real property owned by another party. That other party owns the legal interest in the property. If a peron who owns the legal interest in property recorded a lien the two "interests" would "merge" in that same person and the lien would be nullified. ...
Asked in Liens
What is the minimum amount to place a lien on someone's home?
First to place a lien you should know how to do the procedure. A lien can be placed on a property for a variety of reasons. If a person is applying for a mortgage or refinancing, he may allow for a lien to be placed on his property to receive the financing. Also, a lien can be placed on property due to unpaid federal and state taxes, unpaid child support, divorce and many other cases in which the debtor does not pay...
Asked in Contract Law
Is monetary damages an equitable remedy under contract law?
They are normally considered an equitable remedy. In some cases there may be more equitable methods of compensation. ...
Asked in Insurance
When did The Equitable Life Assurance Company of the United States get renamed AXA Equitable Life Insurance Company?
The French insurance company called the AXA Equitable Life Insurance Company was renamed from The Equitable Life Assurance Company of the United States in the year of 2004. ...
Asked in Property Law
What is the difference between a transfer of lien and release of lien?
A transfer of lien assigns the lien claimant's position in the lien to another party. A release of lien discharges the lien and makes it not appear on a title policy issued for the property. ...