Chapter 15 vocab Flashcards
A charge or claim against a persons property, to enforce the payment of money
lien
a lien that is created intentionally by the property owners actions
voluntary lien
a lien created by law
statutory lien
a lien created by a court judgment
Equitable lien
a lien that affects all the real and personal property owned by a debtor
General lien
a lien that is secured by and only affects certain property of the debtor
Specific lien
The order in which claims against property will be satisfied
Priority
A written agreement between lienholders to change the priority of a lien
Subordination
Charges imposed by state and local governments to fund their functions and services
Taxes
A type of tax based on the assessment of a property value
ad valorem
The official process of valuing real estate for tax purposes
Assessment
A device to achieve uniformity in statewide assessments
Equalization factor
1/1000 of a dollar, or $0.001
Mill
The right of a delinquent tax payer to recover property before a tax sale
Equitable right of redemption
The right of a delinquent tax payer to recover property after a tax sale
Statutory right of redemption
Taxes levied on specific properties that benefit from public improvement
Special assessments
a specific, involuntary lien that gives security to persons or companies who perform labor, or who furnish material to improve real property
Mechanics lien
a court decree that establishes the amount owed by a debtor and provides for money to be awarded
Money judgment
A notice of a possible future lien based on a lawsuit
lis pendens
a writ that permits a court to retain custody of a debtors property until the creditors lawsuit is concluded
Attachment
