Encumbrances Flashcards
Created by voluntary contract, such as mortgage or fee of trust, entered into by a debtor and creditor.
Voluntary lien. Contractual lien.
An encumbrance against one or more specific parcels of real estate
Specific lien (special lien)
Involuntary lien applies against person and all property of that person, except property examples by the statue.
General lien: judgement, debts of decendents, income tax lien and estate tax liens.
Imposed by operation of law without the owners consent.
Involuntary lien
Those liens authorized by state statute.
Statutory liens: property tax and mechanics liens.
Those liens imposed by courts of equity, often as a result of breech of contract.
Equitable liens
General lien created when a gov files a tax Warrant in the county in which property of a delinquent income taxpayer is located.
Income tax lien
Lien general involuntary resulting from a judgement inpersonam.
Judgement lien
Credit asks court for _____ of ________, ordering sheriff to sell debtors property I satisfy the judgement.
Writ of execution
Provides protection from foreclosure due to unsecured liens.
Homestead exemption - (liens in which the property was not originally offered a a security for debt.)
A specific lien places against property of a defendant in a lawsuit for money damages.
Attachment
______ of _____________ is used primarily against the property of absconding or fraudulent debtors.
Writ of Attachment
In an action affecting title to real property the plaintiff may record a notice of pending suit called:
Los Pendens
Gov lien placed against real property to pay all or part of the cost of a local improvement based on the request of property owners.
Special assessment.
Specific involuntary lien an have priority over all other liens, including prefixed liens. Major source of income for local gov
Property tax lien
