Ch 6 Section 2 Leins and Easements Flashcards
Easements
Are legally enforceable rights to the limited use of another’s land
Lien
An encumbrance on title to real estate
- legal right that a creditor has over a debtor’s real and/or personal property that serves as security for repayment of a debt
When dealing with liens as encumbrances affecting title, it is necessary to consider:
- priority of liens
- satisfaction of liens
- enforcements of liens
3 General classifications of liens
- general or specific
- voluntary or involuntary
- statutory or equitable
General lien
Directed against the individual debtor and therefore attaches to all of his property, both personal and real
Voluntary lien
Is one entered into by agreement of the parties
Involuntary lien
Created by operation of law
Statutory lien
A lien that is established by or results from laws passed by the legislature
Equitable lien results from:
- A private, written contract that shows an intention to pledge property as security for a debt
- a court decision based on English common law and sense of fairness
Common types of liens
- Property tax
- Special assessment
- Federal tax
- Mortgage
- Vendor
- Vendee
- Mechanics
- Judgement
- Attachment
- Lis pendens
Property Tax Lien
Are specific, statutory, involuntary , liens filed against real property at the beginning of each tax year
Special Assessment
Are specific, statutory, usually involuntary liens filed against those real properties that will benefit from a proposed public improvement
Federal Tax
Are general, statutory, involuntary liens imposed for non-payment of federal estates taxes, federal income taxes, or payroll taxes.
Personal easements in gross
personal in nature and do not attach to any particular piece of land
- Attaches to a person
- not assignable
- servient estate only
- does not survive death or sale
Mortgage
specific, equitable, voluntary liens filed by mortgage against a piece of real property that has been pledge collateral for repayment of a debt.